In my local market we had a rough Fall of 07 and a very slow Spring 08. Many buyers are still holding out, either waiting for the market to "bottom out", or waiting to sell their current home. Many sellers are still thinking they have the last home that will sell for top dollar.
Looking ahead, I am recommending aggressive pricing NOW as summer approaches. If a seller heads into August without a strong contract on their home, it could be a long winter. Both the sales and rental market cool off quite a bit in mid to late August in a "non-boom" market. A seller must get aggressive soon as crunch time is around the corner.
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