The shock of September’s financial crisis seems to have faded into incredible stubbornness on both sides of the fence. Even as buyers become brasher and less willing to meet sellers’ terms, many owners refuse to believe their homes won’t fetch the same eyebrow-raising prices that similar apartments fetched last year. “The average seller is still too reluctant to relinquish their inflated expectations set by the boom,” said Jordan Tepper, the executive director of sales at Century 21 New York Metro. “Sellers are still citing recent sales by their neighbors, which reflect the boom market of ’07 and ’08, and subsequently alienating buyers and their new expectations.” For their part, buyers intent on getting a deal are increasingly unwilling to see sellers’ points of view. “Sellers are living in denial, and some buyers think they can make lowball offers on already reduced properties and get away with it,” said Barak Dunayer, president of Barak Realty. “They are both ridiculous, and no one is making a deal.” 
By Candace Taylor, April 30, 2009, The Real Deal

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