Currently in our market we have over 3200 listings in our County and almost 1600 vacant or tenant occupied! Now the vacant ones are NOT all new builder close-outs but investor's, Bank owned properties, foreclosure properties or folks who have purchase and now have a vacant house to sell. Our prices have come down to level not seen in 4 years. The interest rates, credit union product, 5.85%, and the big players 6.25%, breath-taking rates! This is a perfect storm for a home buyer! If you want a real good price and terms go and look at homes 60+ days on the market, VACANT, and offer 10% below the asking price! Get some closing costs to boot! But in order to get the BEST price,terms,concession you need to be ROCK SOLID as a buyer! Total Credit approval subject to appraisal on the subject property. If you've got time try a "Short-Sale" but write the contract with ALL timelines beginning upon "Lender Approval" with close of escrow to be 14 days after that benchmark!! That being said, if you get a super deal on a "short-sale" try and get ALL your ducks lined up so you can slam the escrow shut upon "Lender Approval".
Remember, if you think the market is dropping 5-15% in the next year--then subtract that number from your asking price. Then sit back, enjoy your home, build memories, have kids, and don't worry about staining the carpet (don't tell your wife that!!).