A television station in Florida reports on price reductions. "The days of sitting on property for a few months and selling it for a big profit may be over. Some of Southwest Florida's biggest names in real estate are about to announce the effect of more than 16,000 homes on the market in our area."

"Joan Cutler sold more than $6 million in property last year. This year, business is slowing down. 'I think people got spoiled in Cape Coral that you put something on the market and somebody called and you got a listing and a contract and sold in a couple of weeks and that's not happening anymore,' said Cutler."

"It's not just the Cape, it's happening all over Southwest Florida. Realtors explain more properties are listed for sale than are selling. The reason this is called a buyers market is because there are lots of homes being built and that means you'll have plenty of selection."

"Cutler says sellers are dropping their prices. 'There are between 400-700 price reductions going through a day,' said Cutler."

"'684 price reductions in Cape Coral alone in the last 24 hours,' said Mishelle Montgomery. Montgomery is selling her salt water canal home. Last year, it may have sold in days, now she's waiting. 'October, the very beginning of October and we had no idea we'd still be sitting here today having not sold our home,' said Montgomery."

"'We've lowered our price $70,000 and we will probably have to lower it even more,' said Montgomery.

"Realtors like Cutler say it's a leveling off. 'If people will come to that realization that they're going to be getting a little less, their homes will still sell,' said Cutler."

"Vacant land is still selling, but the prices are also coming down. One realtor said sellers who have reduced their prices slightly have sold in a few days. If you want to get that higher asking price, you may have to hold onto it until the extra number of homes are bought up and people are looking to build again."