What has been bad for sellers has been great for buyers. 
As the real estate market softens, more savvy buyers are entering the market and making deals. While most buyers tend to sit on the sidelines in a soft market and jump in when prices are going up and availability is low, the most experienced and successful buyers see the current market as a bonanza. Most buyers are watching and not acting. It's counter intuitive.
This is the best buyers market in nearly a decade, and yet there are very few buyers, and many of them are seasoned investors taking advantage of what's happening. Patient buyers stand to make small fortunes buying property right now way under market, and when things pick up again, their equity will skyrocket.
Very few people see the opportunity, and it's slowing down the recovery. Once the market turns and all of the procrastinators jump in, these early investors will be able to flip the properties for a tidy profit, and late comers will end up paying far more. In a few years we will be hearing from people saying ‘we should have bought in ‘07 when prices were so low'.
You heard the story of the two buzzards sitting on an old tree in the desert. One turns to the other and says, "Patience, hell! I'm going to kill something!" That's what it's like out there. We can hope or create some business. Thanks for the post Tim.
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