Thanks to Larry for the comment:
Local buyers are aware of the national trend, and are acting accordingly.
Local sellers are starting to get a clue, too: many have dropped their prices by 15-20%, which translates to 25K to 75Kâ€¦and the houses STILL aren’t moving.
There’s many months of backlog on the market here in C’ville/Albemarle, which doesn’t include houses pulled OFF the market for the winter. It’s a glut, and will get worse in two months.
BUYERS are waiting for the market to go lower, especially first time buyers, so they don’t make the same mistake that plagues many current homeowners: an inflated property value that will go down 15% in 2008 and 10% more in 2009, if the Merril-Lynch report is accurate.
Agents should inform sellers who really need to move their properties that they need to price accordingly. THIS is what will make the local market move again.