hi,
can i suggest one thing that may be making a difference here?
the last crash was around the early nineties, when the internet was
in its' infancy. not many people used it, and there certainly weren't
any sites like this around!
so people looking to buy now will most probably use the internet as
part of their searching, and may well come across news and/ or
websites that clue them in a little more. getting this kind of
information and analysis would have been almost impossible before!
when people realise what may be about to happen, either they decide
to wait before putting in an offer,or maybe pull out of an offer they
have already made. again, this realisation may have taken years last
time, but could happen in minutes now. (this is what happened to me-
i looked around in 2004, as house prices seemed to be going up and
i needed to get on the bandwagon. looking at the graph on the front page
of this website was my first clue things were not as they should be)
on the other hand, people who are selling are probably not searching
the internet for info, so they may be less clued in. they figure once they
have sold they can start looking properly! hence they will leave their
house on for a high price that we may feel is unjustified now.
ok, ramble over