The MLS stats indicate mostly higher inventory and significantly lower sales volume, in most areas and most property types. Thats fairly common knowledge. Whats next? Where does the market go from here? Many agents I speak with daily, are indicating that sellers in general who have been unsuccessful this summer, must focus on pricing. There is a price for everything! Forget summer of 2007! Times are changing. Work deals till they are dead. Will conditions improve in 2009? Dont bet on it.
Remember the boom of the past few years, and its duration. It would not be unrealistic to expect a similar duration of this current market conditions.
However, at the end of the day, I keep reminding myself that I live in this wondeful place called Jackson Hole. Prices are not plumetting! Correcting, yes. Its not the end of the world. Likely, you did not move here to get rich in real estate or for the value of your house and all your neighbors, to be worth millions!
Take a hike, go mtn. bike of fly fishing. Look at the surrounding scenery. The new tram! Priceless!