Other good news, in January 2009, new listings on the Austin MLS are down 4%, keeping the inventory of residential real estate at a healthy level. (about 8500 homes, just shy of 6 months of inventory) Remember, 6 months of inventory is an equilibrium between a seller's/buyer's market.
What's selling? Homes priced at or below market...and selling surprisingly fast.
It's real estate. The market goes up. It goes down. It's a buyers' market. Don't be afraid. If you are selling: acknowledge that it's a buyers market and market accordingly. If you are buying: embrace the scene and enjoy.