Buyers -do your self a favour. Keep calm!
Just because the weather is hot doesn't mean you have to be frightened into thinking we are in a hot market...we aren't.
Sales are dropping fast.
Sure listings are not exploding but sales are dropping so fast that the MOI are moving up rapidly.
So if you feel the compulsion to buy...do this:
1) Ask how much the seller bought the property for. You may be shocked at the mark-up some people are asking for just a few years of sitting on a property with-out putting a lick of paint on a piece of wood.
2) Bargain! What can you possibly lose. There aren't thousands of buyers bidding against you now, so be cheap. Get a realtor who is on your side, and doesn't mind putting in a few low-balls.
That's if you feel you have to buy.
And just in case you think the listing price is arrived at by some scientific formula... There is a property, an Island in fact with a stunning house, which was listed for $29.8 Million just a couple of months ago, then it dropped to $19.5 M and is now a veritable bargain at $14.9 big M's....if the Max numbers come up for me this week-end, I may go over and have a look :)