Home sellers, brace for some grim news. The spring home-buying season now underway is widely expected to be the worst since the 1980s.
Many would-be buyers lack strong enough credit to get a mortgage. Home values are sinking. And in front yards around the country, “For Sale” signs are as ubiquitous as garden weeds.

The median price of an existing home in March was 7.7% less than it was a year ago, the National Association of Realtors reported this week. “Sellers are having to capitulate,” says Mark Zandi, chief economist for Moody’s Economy.com. “If you’re a seller, it is the worst season since the early 1980s.”

Yet, what’s bad for sellers is good for buyers — at least those blessed with excellent credit and enough money for a sizable down payment. They can enjoy lots of homes to choose among, time to browse, and typically, the advantage in negotiations.

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