With as many listings as are on the market right now, time is on the buyers’ side. The long term interest rates could drop to 2% tomorrow and it would still take a while for the market to absorb that many listings. All a potential buyer has to do is wait it out. There WILL be some forced sales – including foreclosure sales – and each successively lower sale price will set the bar lower.

I think a broker who takes on any listing that is not at least 5% under the rest of its competition is wasting their time right now.