Open the Floodgate- Lower the Price
A recent article in the New York Times carried the title "Dry Your Eyes and Lower the Price." That is timely advice if your home is on the market this season. Lots of tissue will come in handy as your realtor provides you with a market analysis, which may indicate that homes are selling from 9% to 13% below assessed value depending on location, condition and number of homes on the market in your neighborhood.
Brokers around the nation are going deeper into the analysis of their local markets because of the number of homes on the market and the limited number of buyers available in the market. This analysis ability can help you price your home in a range where the floodgates will open and you will begin receiving offers. Building in price reductions is a good tactic if you actually want to sell.
Listing a home for sale in this kind of market is dicey at best. If you want a large return and have years to wait for that magical return, it might be advisable to hold out and wait for several years before you decide to sell. If you intend to stand firm on your price regardless of the market you might question yourself and your family to see if you really want to spend the time and effort to clean, stage, and leave your home every time a "looker" comes through. If you have many lookers and no "takers", it is time to consider dropping the asking price a little at a time until you hit the floodgate level.
Something to help with the tears and tissues? Remember that holding onto a house costs you 1.5% of the value of the home every MONTH. If you home is valued at $300,000 that would be $4500 per month. If you hold onto you are determined to stick it out compare it to the stock market. Would you do the same if your stock investment were losing $4500 per month?