When the market turns, it is much better to be a couple of years...

When the market turns, it is much better to be a couple of years early than a week late. The number of houses that were on the mkt nine months ago, that were only moderately overpriced compared to last February (2010) are now staring down the barrel isn't funny. By that, I mean that properties priced at $649k or $585k in October 2010, would have had a good chance of selling for, say, $20k less if they had been on the mkt in Feb 2010. That's based upon what similar properties really were selling for then. Feb to May was probably the peak for property around here.

Now, however, they can't get $540k or $495k respectively (they've both had offers for less than those amounts).

Both of these owners are still living in the property market of fifteen months ago. Reality is not acceptable.