Certainly right now the housing market is pretty tough from a sellers prespective.  I think right now steps are being take that will really benefit sellers into 2009.  These are a few positive signs I see:

1.  I see the FEDs action bringing down mortgage rates considerably.  Yes, we have already seen rates drop into the low 5s, but I think they can go lower.  The Fed said it would purchase up to 500 billion in mortgage securities from Fannie and Freddie - this has already started the rate decline because it frees up capital for the banks to lend.  Lawrence Yun, NAR chief economist said if the interest rates decline by 1% this would increase home sales by 500,000 units, this would definitely help from a sellers perspective.

2.  The refinance activity in the last week has just about doubled based on my converstation with Mark Zielinski at hometown mortgage.  This helps homeowners stay in their and again decreases the supply on the market as well as provides a little additional spending money for the homeowner.

3. There has been very little new building going on in Alpharetta, Cumming and Suwanne - so the supply of new homes is way down. 

4.  Showing homes this week I have called to show a couple of homes and they were under contract - that is something has not happened in quite a while.

From a negative side I think the auto industry is a big unknown.  With that said, with rates approaching 5% and home values way down - it is a golden time to be buying a home.  If you are thinking of buying or selling a home in Alpharetta, Cumming or Suwanee - call me at 770 722-7010.  Make sure you benefit from this market.