“Everybody is afraid to be the last fool to pay high because everybody is telling them more bad news is coming and prices are going to go down,” said Teplitzky.
Broker Donata Marcus took fastidious notes during Teplitzky’s speech. She said buyers need to be coaxed past the fear factor.
“There’s good value, there’s money out there to be borrowed. People need to move forward and not be terrified that they haven’t picked the very bottom of the market,” said Marcus.
Teplitzky said part of the pause in transactions is the sudden shift of power from seller to buyer that took place toward the end of ‘08.
“Everybody is smelling the blood on the street and everybody for the first time is saying ‘I have the power. And if I have the power I’m going to use it’,” said Teplitzky.
