I have a "what came first the chicken or the egg" type question for you... How much has the current housing market slump been "encouraged" by the media? 

I know some people are now saying "What did she say?  Hogwash.  Bah Humbug."  But hear me out.

The typical average American is being bombarded with headlines such as: "House Market Slumps Even Lower", "Worst Housing Market in Years", "Housing Market Expected to Get Worse", "Housing Market is Expected to Decline More" and on and on. We know that most people read the headlines, but many do not bother reading the supporting story.  If they did, they may notice that although the headline says the market is the worst it's been in years, that the article states that the numbers are like what we saw in 2004.  And if I remember correctly in 2004 most housing markets were touting about how great the numbers were!!  Yes the current numbers may be down from the previous year or two, but it's not the gloom and doom as portrayed in the bold flashy headlines.  

But people see and hear the HEADLINES and before checking to see what the rest of the story is, they say "Okay let's not buy a house because Katie Couric said that the market wasn't good." I'm not slamming the average American for not reading the whole story. I do it myself, in fact. But as an agent it is very frustrating to hear and see the sensationalized headlines everywhere, but then almost in a stage whisper or size 6 font the rest of the story is told. 

Here is the truth about the market. It is a buyers market. If you are thinking about buying a home, NOW IS THE TIME TO DO IT!! Sellers are offering price reductions, incentives worth thousands of dollars, and prices sometimes THOUSANDS below the value of the home.  SO get off the fence, and get out there and buy a home!

Sellers, while it is a buyer's market, you can still sell your home. Just remember, pricing is everything in a buyer's market. Now is the time to make sure the house is priced properly from the very beginning of the listing. It will probably take more time to sell your house, so sit tight and don't be discouraged. In the meantime a clean, presentable, clutter-free house is more important than it was in the past. With so many houses on the market, anything to give your home an edge over the one down the street should pay off for you in the end. 

Lastly, make sure your agent will be more aggressive in generating interest in your home, and following up possible leads.   The point in all this is...don't always believe what you hear on the news, or the headlines you see in the paper. Read the fine print, take time to hear the rest of the news story, get the whole picture, and not just a small sensationalized sound bite.   Or ask your friendly real estate agent for a breakdown of the truth in your market.