Remember Economics 101! Supply and Demand! Simply stated, if there is more inventory on the market than buyers out there to buy, the buyer has the CHOICE to decide which house s/he wants to purchase. Therefore, the buyer can and will offer a lower price, try to purchase the comodity for less and walk away if s/he is not satisfied with the result. Sellers need to adjust their thinking when it concerns their HOUSE. The days on market may become longer to sell, they may have to consider a price adjustment on their house sooner than they expected, or better yet, PRICE IT RIGHT TO BEGIN WITH! This will sell the house quicker. Real Estate is LOCAL. Where you live determines the real estate market and how it is moving. Check with your LOCAL professional as to what is happening in the YOUR LOCAL REAL ESTATE MARKET.