TODAY'S REDUCTION is TOMORROW'S GAIN

I realize that the plural of "anecdotal" is not "data" but here's what I have seen in the market lately.

A house that sold Fall of 2006 now listed for $214,000.

A house that sold for $230,000 in 2004 now listed for $114,000.

A house that sold for $235,000 in 2005 now listed for $199,000.

It goes ON and ON and ON.

If you are a renter or a first time buyer or an investor I urge you to seriously consider some of the opportunities that are out there. I have never seen prices like this in my career and something tells me this can't last. Once the inventory gets thinned out prices will stabilize.

And the news is not bad for all Sellers. I still see properties that are competitively priced selling in MULTIPLE OFFERS. But if your equity is tapped out it's not a great time to be on the market.

And for Buyers consider this - TODAY'S REDUCTION is TOMORROW'S GAIN.

Whether or not you reap this windfall is entirely up to you...