yes the market has gone down since 2007.
Whether the seller should take a lot less just because he purchased in 2007 depends on whether or not they upgraded the home or made additions to the home that would have increased its overall value since then OR if they bought it in 07 and got a STEAL back then.
If no updates or additions and if they paid market value back in 07 - then yes - they should expect to accept about 20 to 40% less than what they paid.
As am I - firstname.lastname@example.org
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