Unfortunately for sellers, they are still in that mode of selling and getting that big 25% return we were all getting the last 3-4 years, I ...as well buy property and sell, rent or flip, so I can relate to their disappointment.
But because of rising property taxes and ridiculous reasons insurance companies just drop homeowners like a hot potato, the prices are starting to level off, not necessarily dropping, they were just used to the crazy returns, now in a regular market I believe 5-8% return is going to be more realistic for the moment.
I cannot tell you how many price reductions I see in the MLS , wasting time is the new meaning for most price reductions, I tell my clients , we will keep reducing until the market reacts, or if they continue to insist to price too high, then reductions will continue.
If the law for property taxes does not change soon ,and these insurance companies trying to strong arm people by dropping you and then being subject to only one company. If this doesn't soon change, HO's will slowly take their houses off the market and wait if they are not in a rush to sell.
If that happens, the inventory will decrease and maybe change back to a sellers market, I do not believe we are in a buyers market because there aren't a lot of buyers out there.
I think someone in the government really needs to hear from both the Realtors®....sellers and buyers, because it will effect everyone in the long run