The problem--as I see it--is not a lack of buyers. I'm shopping around, and I know (or know of) plenty of others who are also shopping around. The problem is many sellers are delusional right now. Unfortunately, many of them purchased at market-value when prices were much higher, and now the market-value for many homes is considerably less. If the sellers won't sell their homes at market-value (assuming their properties are fully market-ready), then their properties will continue to sit on the market until one of the following will happen: 1) the sellers start marketing their homes at realistic prices, 2) the sellers will wait for the market-value of homes to increase to the point where they can sell their homes for their ideal price (which is highly unlikely in the near term), and 3) the sellers lose their homes.
Most pills taste horribly bitter to me; however, the healing won't begin until after I've swallowed my bitter pills. Similarly, any sellers who need/want to sell now will need to swallow the bitter pill of selling their homes at or below today's market-value, and the longer they hold out the more the financial gangrene will set in.