The lack of stability in economic markets (and the uncertainty in Washington) has given buyers an influenza that paralyzes their ability to make a buying decision. The $15,000 tax credit in the stimulus bill would serve as a much needed antibiotic but rumors have that portion of the bill being traded for other "more urgent" spending needs.
The economy will not turn around until the housing markets find some stability. Buyers will be missing in action (Buyer's Flu!) until they gain some confidence in a positive direction for the economy.
Sellers have "housing dementia" causing the portion of their brain that logically determines a sales price for their home to be caught in a time warp. "If you don't have to sell your home, sit tight". Thats the advice the most senior real estate agent I know is giving her clients when they call to ask about listing their home. Her advice is absolutely correct in my humble opinion.
Too many listings represent sellers fishing for home prices that have gone the way of the dodo bird (extinction). Sellers in this market should have a clear need to sell and be prepared to price their home competitively in a challenging and volatile market.
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