There are still of ton of choices for buyers to pick from, but a good number of those don't really compete with others. Some sellers are of the opinion their house doesn't need to be in pristine shape and yet they want to ask for pristine prices. Others price their homes at what they would like to make on the sale versus what the home is worth and refuse to compromise. With so much inventory on the market buyers will quickly pass on over priced properties or if the house is, in their opinion, in less than perfect condition. A good real estate agent can help buyers realize the potential and the value in a house even when the sellers don't bring it to the forefront. Sales aren't down anywhere near as much as you would think they are. I think the reduction that is there can be accounted for by the buyers lack of confidence that they are getting a good deal. The buyers are still out there. Some are waiting for price drops that may or may not happen. If you are looking to list a property you can still get a good price for it. With an aggressive Realtor you should be fine.