Bob Toll of Toll Brothers was quoted last night that as part of their preliminary outlook that "Buyer confidence, demand and traffic are at record lows."
I have always respected Mr. Toll as he has been consistently upfront and direct in regards to the status of the housing market where other CEOs seemed to be in denial.
However, this statement I am not too sure about. I think Mr. Toll is posturing for additional stimulus from the Federal Government, not in terms of a bailout, but to provide stimuli such as a larger tax credit for home purchasors and pressure for mortgage rates to go down. I would certainly support that.
Still, statements like that can create more fear. I think the one aspect he left out is Location, Location and Location. In Philadelphia, yes confidence is low, demand and traffic are down but not at record lows !!!
We have over 60 listings and a great deal of them are getting showings and offers are coming in. I would say we are on the front lines.
What is the pulse on your local market ?
Does you market have record lows for buyer confidence, buyer demand and buyer traffic ?