Now's the time to get real and meet the market if you haven't done so already!!! It's impossible for you to have missed the news and commentary on the soft housing market and lender woes. Although there are some exceptions, homeowners are probably not going to be able to sell their property for as much as they could have sold it 2 years ago. However, some are still tempted to "test the market" with a price that's not going to garner any buying activity. With so much inventory and few buyers... this isn't a great method to get a buyer!
Often times I'll hear soemthing like "I need to get $500k for this house." My answer is generally something like this "I'd love to get you $500k for your house, but given the current market conditions I think you can see that this isn't likely to happen. If the shoe was on the other foot and you were a buyer, would you pay $500k for this house when similar ones are selling for $425k?" It's the market that determines the value of a house... so if you want to sell, you'll meet the market demands for a price!!! There is a buyer for every house - at the right price!
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