My take:
Right now the local real estate market is a buyers market. I’ve recently seen clients make purchases that appraised for substantially more then the sales price. The key for all three homes: each home had been on the market a long time (over 120 days) and all three were vacant. In all cases the sellers initially priced their homes very high. If a home is priced correctly and shows well it will sell.

Pat Chang

Housing glut gives buyers upper hand

James R. Hagerty and Ruth Simon
Wall Street Journal
Jan. 25, 2007 12:22 PM….for more click title