I think as this thing hits the media more and more, people will listen, and when realtors tell them they have to price competitively they will. Until now there wasn’t rampant news coverage about a declining market. So realtors would say “bring the price down” and people would not listen. In 2007 they will be bringing their homes onto the market knowing this.
The people that already have tons of equity might not put theirs back up knowing that the market is bad, but people that were hoping to make a profit might drop prices hoping now to just break even.
I can’t quote percentages, but that’s how I see it.
