I just ran the active single family properties for East Brunswick, NJ and there were 243, not incuding those in attorney review. High inventory. There is a lot of speculation about 2008 and beyond. I don't look for any significant improvement in 2008. If you price your property well and it receives excellent market exposure, you can sell your house quickly, even in this market. If you price your house aggressively, but it does not receive broad market exposure, you wont' know if you could have sold for more. If you price high, all the marketing in the world will not sell your home.
If you were thinking of waiting until 2008 to sell, I don't think that we will see significant change. And, I just spent the last 3 days in a meetings at a national meeting that addressed this subject with leaders from banks, NAR, etc, all expressing their projections and viewpoints.
On my way back to NJ now.....