The Westchester Teaseby
Pimco, the big money management firm, has had representatives out riding with real estate brokers in 20 major metropolitan markets across the country to gauge the state of the housing market. The initial results of their labor are in. Pimco notes that although asking prices are being reduced in some markets, that may not always mean people are selling their homes for lower prices. After participating on several "ride-alongs" in tony Westchester County, New York, for example, Pimco observed that homeowners were sometimes listing their properties at 15-20% above what their brokers were suggesting just to see if they could get that price. If buyers balked, they didn't sell. Their agents must love them.