A Dubious Milestone

This past weekend, our longsuffering broker informed us that we were about to visit our 50th house with him. It's an absurd number, on the face of it. But this is Greater Boston - an absurd homebuying market.

We've seen plenty of evidence of a buyer's market -- widespread price reductions of $50,000 or more before a house finally sells; lots of homes priced at or below assessment; good houses sitting unsold for months. So why has it been so hard to find a decent midrange single-family house?

Partly, the pricing downturn isn't uniform. We're still gunning for more "desirable" communities, where prices are down from 2005, but not as much as other locales. There's still some competition for the best houses.

The other factor is mutual fear of losing money -- buyers and sellers. We are acutely aware that prices will likely drop for a while longer, making us extremely wary of overpaying. We're looking for a deal, to protect ourselves.

Sellers have a hard time believing the fantastic appreciation rates of the early 2000s have not only crested but slid back. Some had the misfortune of buying at the peak but have to sell now.

So until someone blinks, I fear we'll keep visiting dream homes with, sadly, dream prices. Sigh.