In today’s real estate market, there’s a new normal—at least according to this recent article from the Associated Press.

What once was has changed, and savvy buyers and sellers will take notice. There are new lending standards, appraisers are more strict, buyers are expecting more.

What does this mean for sellers?
“The record number of foreclosed homes on the market gives buyers even more leverage. ‘They can afford to wait,” says David Baran, a broker with Prudential Preferred Properties in Chicago.

If buyers can afford to wait, they have all the power, which means sellers have to be more aggressive—consider pricing!—and finding ways to attract buyers.

Read the rest of the AP article here.