I've heard the phrase, "this is a price war and a beauty contest" so much these days and have caught myself using it as well.  Doesn't it go beyond that now that we are in the thick of interest rate increases, inflation, astronomical MLS inventory and declining values across the country? 

Not only do we have to impress upon our sellers that they have to look good and be the best priced, but they have to worry about low and ridiculous offers, low appraisals, competing with foreclosures and short sales, buyers skiddish to fall off the fence because they're not sure our market is at the bottom and the list goes on.  

Flip that over to buyers.  I just left a buyer who decided that she would "wait out the market" a few more months and get a similar house for even less money.  Despite my best efforts to impress upon her that the house wins the price war and beauty contest, she continues to sit on the fence. 

This market is tough for both buyers and sellers.  The media continues to drive uncertaintly along with the affairs of the world.  No wonder we everyone is so skiddish.  I think it has moved beyond the price war and beauty contest.  What do you think? Any ideas for a new phrase?