The Lewisboro Ledger has this report from Connecticut. "With inventory up and house prices leveling off this year, the local real estate market is swinging inexorably in favor of buyers. Sellers are growing increasingly uneasy, wondering exactly how long it will take for their 'For Sale' signs to be retired."

"Many have seen their original, often overly optimistic, asking prices whittled away with the passing months and are now reducing their financial expectations. The anxiety level is on the rise."

"Realtor Ken Sobel (said), 'one of the most important things I can do for my clients is to help them set the right asking price for their home,' he said. 'There is a kind of disconnect. I try even harder to make my clients aware of the new market realities.'"

"Mr. Sobel said that he presents plenty of figures..to his clients, but still meets resistance at setting an asking price many of them deem as 'too low.' 'At the beginning of 2006, the perception was that this was going to be another big year, but it has not materialized,' he said."

"Mr. Sobel said his hours as a 'price counselor' have increased since last year."

"'A lot of them want to price their homes on anecdotal evidence and neighborhood gossip, but hard numbers tell the real story,' he said. Although many sellers still insist in 'trying out' an unrealistically high asking price, Mr. Sobel counsels against it. 'Home inventory is up sharply. Your home sits there and you end up reducing the price anyway.'"

"Jackie Ruby, agreed with Mr. Sobel and added, 'Sellers have to realize that the market has changed and buyers are not jumping at any one particular piece of property,' she said. 'There are plenty of beautiful properties for sale and buyers can pick and choose.' As far as setting the proper asking price is concerned, Ms. Ruby said: 'Six weeks, tops, at the original asking price is all that I recommend. After that, with no offers, the price must be dropped.'"

"Ms. Ruby said with a few truly stubborn sellers, she would 'try out' a too-high asking price for two weeks only. 'After that, it’s really over,' she added. 'If they insist on keeping the same unrealistic price, I will politely steer them somewhere else.'"

"The price reductions that come over time do not have to be steep, but Ms. Ruby said that sometimes they are inevitable, given the large number of unsold homes on the market. 'I now see myself as a counselor, adviser and unofficial financial planner, in addition to my usual role,' she said. 'Sometimes my clients don’t want to hear what their house is really worth in this market. But, as Realtors, we don’t make it up. The numbers are the numbers. They tell the truth and determine the ultimate selling price.'"

"Sales associate Ed Cantine told The Ledger that the Lewisboro market peaked about 18 months ago. 'The market is very slow now,' he said. 'In fact, it’s the slowest that I have seen it in many years. And it cuts across all price ranges. Inventory is twice, maybe three times greater, and proper pricing has become absolutely paramount.'"

"Mr. Cantine said buyers withdrew last spring and that sellers have been forced to make price reductions as inventory swelled. 'Some houses have been reduced multiple times and are still unsold,' he said. 'If you want to sell your home, you have to adjust to the new realities of the current marketplace.'"

"'If a reasonable offer comes along I advise my clients to seriously entertain it. You might be able to negotiate upward and you don’t want to let a serious buyer just walk away. If you do, you can end up with an unsold house that stays on the market for many more months to come,' he said."