The people I know, I am really not sure what they will do. They wanted to move out of the area closer to family, but not being able to sell, I think they are planning to stay here until the market improves. The problem is, I get the impression they think that will be sooner rather than later. I find it really odd that with as much equity as they have (bought around 175K – listed at 600K), they seem to be convinced they have their price set right – they could chop 150K off the asking price and still have plenty of money to move on with. Neighbors would be unhappy, but oh well. The positive side for them is that they are not in any danger of losing their home – just not where they want to be even though they could easily get there if they were not being stubborn.

I think in general they are either really being stubborn or they are getting some bad advice from their realtor (probably both). I think they would pull it off the market now if they could, but are still in a listing contract. I did see that they first lowered their price, then raised it (funny numbers though, might have been a mistake).