"When do you think...?"
"How much longer...??"
"Why...???"

These, or at least versions, are questions ALL of us have experienced nationally since the, "Bubble burst." Clients that sold and bought with us when the markets were White Hot. Prospectives who are watching the nightly national news and repeatedly turn ghost white, with their frozen toes pulling continuously away from the, "Real Estate Cliff," and their hand perpetually distancing itself from their wallet. "Maybe I'll hold off for a bit..." On the plane, traveling back from sunny Southern Florida where I spent the holidays with my family (I live and work in K.C. (Olathe), KS) and overhearing, "I don't think it's EVER been this bad, has it???" We can answer some, maybe most, with some level of conviction. But, regardless of the eternal, "How long's," it all boils down to one thing: The market is what you make it.
Obviously, no one has any realistic and positive way of predicting when, "It will turn around." First of all, markets are different. Everywhere has, or is a local market. Some of these local markets celebrated at their monumental heights, and are now suicidal during their lows. The peaks were higher for some, and the lows are lower for the same. It is what it is, so what are you going to do about it?
I haven't been a Realtor® for ≈40 years yet (Since I'm in my 30's) so I haven't exactly seen the earlier transitions, or the fact that real estate is, "Cyclical," but I know exactly what the term / concept means and I know that real estate follows it. Personally, I have decided to approach this shift as offering me a, "Real job." One where I must work my butt off to continue my success, to get to the next level, as is similar with many jobs, rather than the, "I'm a Realtor® and I'm going to lie down in the middle of the street now and get hit with a dozen deals!" type of leisurely stroll I found a few years ago. Now know this, I'm still tuning and presently figuring out how to produce to my fullest extent during this transition, so I welcome tips and comments from you all. I, like many of you, am constantly learning.
My Broker seems to be relieved at the present state of our local market. "You have to work now to be a successful Realtor®. Many of us had their best years ever in 2007! There are lots who won't be here in 2008. That means higher market share!" You need to shift your mindset; attack it from a different angle. Follow systems that have been tested and succeeded in making many truly successful.
So roll up your sleeves, wipe the sweat from your forehead, and get to work. Best of luck to you all and I'll see you soon!