We're Having a Real Estate Sale!
In my area of Owatonna, Minnesota we have homes on sale! Prices are down 10 -20% from the more robust real estate market of 2005. If every item in the store at Target and Wal Mart went on sale for 10-20% off the most recent price don't you think they'd see sales increase? I doubt people would say, "No thanks, I'd rather wait and buy when prices go up."
Just like Warren Buffet pointed out "When Wall Street has a sale (prices down 10-20%) no one shows up."
It's too bad that home buyers are inundated with negative news that holds them back from buying while homes are on sale. I don't think they really want to wait until prices go up, but that's the wisdom that the media is passing along to them. As many other agents have stated, it's time to change the perception that buyers have. Don't wait until everyone else is buying and prices go up. Buy now - it's on sale!