Generally, home prices are affected by supply & demand. Take a look at waterfront properties versus properties in the same community a few streets away - quite a difference. There are only so many homes that can occupy the actual waterfront, this equals limited supply and higher prices for waterfront homes.

Many markets today are declining in price due to the abundance of foreclosures and short sales caused by poor mortgage practices in the last years. The supply of available homes is larger than the norm driving prices down.

Hi Nicole,

Prices will rise when buyer demand exceeds current supply.

No luck involved. Just solid economic logic. In the meantime, make time to meet with a local agent to determine a specific CMA (Comparative Market Analysis) for your home. This will give you an objective snapshot of where the market is today.

FYI. You can put your home on the market anytime at your price. You may be missing the buyer that's out there as I type. Just remember, pricing right helps you sell faster.

Best of Luck

Even if a home were to sell for 200K in your neighborhood, your property would still appraise for less if most of the other sold comps actually sold for less. Eventually, home values will increase, but that's not likely to happen anytime soon in most markets (at least outside of Texas--where some property values actually continue to appreciate).

There are 2 reasons for why a property doesn't sell: 1) ugly property, or 2) ugly price/terms.

Is it more important for you to sell your property for 215K or to sell it ASAP? If price is more important to you, then you'll need to be more flexible with your terms. Yet, if you need/want to sell it ASAP, then you'll need to reduce your price.

At this point, I suspect the only way you'll get 215K is if you were to offer 100% seller financing.

Nicole,

This may be a dangerous game to be playing in a declining market. To wait, could be waiting for the market to move in the wrong direction.

Take cake that instead of finding that higher price you desire.....you don't end up with a much lower one.

Not sure this is sound logic............

Good luck

Hi Nicole,
Sell it for 180K. Next year prices are expected to drop. If you don't have to sell, keep it for another 10-15 years--It should be worth 200K again. Good Luck

Dunes, I agree with you, I think... My head is spinning. LOL Time to go home.

Keith agrees with Edith that you need to sit down with someone and analyze your situation. Except Edith never said that, Edith agreed with Brandon about supply and demand, except Brandon never said that.

I think Edith agreed with Ben (a non-realtor) and gave the credit to Brandon (a realtor), who was actually talking about consulting with someone in your area to better understand things.

I think the scorecard actually looks like this...Edith agrees with Ben...Keith agrees with Brandon.
I agree with Ben and Brandon. Brandon doesn't need to agree with anyone since he gave a pretty good answer that can stand alone.

No one agrees with me.....Dunes Hope this helps in seperating the PRO from the NON advice

Nicole
I agree with Edith. You need someone who can sit down with you and analyze your situation, from selling this house to moving to your new home. Your posts show that you have many questions and concerns. Truthfully, the only way for you to get the advice your need is from someone that knows three things:
Your market area trends and values
Your property
Your personal situation - when you need to move, how much you need to net, etc.

I will share some truths that you should know:
You are in a declining market. That means that homes are losing value. So if you do not absolutely have to sell, don't.
Buyers are buying. The problems is that they are in control, so only the best home values will sell. Going in with the idea that "I've got to get $XXX,XXX for my house is a tough proposition.

So you need to work through your options and your motivation. If you absolutely have to move (notice that I did not say sell), meaning that there is no alternative, you simply have to move, then you have a couple of options, and over-pricing is not one of them.
You can rent your home out, or sell it as a short sale. A sharp Realtor can analyze your situation and provide you with recommendations. Even if you are just going to be a "little short" if cash is a problem, then you want someone who can negotiate the best arrangement for you.

If the truth is that you would LIKE to sell, meaning that you do have some alternatives, then you need to discuss them.

Note that how much your owe, how much your need to net, or how much you paid, have nothing to do with the selling price of your home. Homes that present the most value sell first, for the most money. I would go out and look at the competition and see where your home would stack up.

You are waiting for a home to sell over $200,000. What happens if they home that you want DOES sell for $200,000, then AFTER you list your home another home comes on the market and sells for LESS?

Analyze your options, weigh them carefuily, then proceed.

Good luck. If you need a top REaltor to analyze your options, let me know. I can help.

Nicole, I agree with the other NON-REALTOR who is actually the one who brought up supply and demand.

I'm not sure what the RE logic or reasoning is for you to be told that one home sold is going to bring prices back up but I'm thinking it's not likely.

Even OBAMA in his talk yesterday said that if he could get all he's asking for regarding housing and unemployment, then maybe we could see the Housing market level out in 2010. This is a National recession. Markets are in trouble nationally and that affects local markets, always has and always will.

Until you see unemployment rates change for the better, don't look for much of a bottom. Foreclosures have flooded the market and are still doing so, with predictions (by the gov. & banks) of many more to come.

I do wish you the best, but doubt you will be seeing any price increases soon. Just the Opinion of a Non- Realtor.... now I understand why that name was choosen by a Trulia member...Dunes

Hi Nicole, I agree with the other Realtor....
It is number of homes available and the demand to buy....
If there are more houses on the market and very few ready and willing buyers it is a buyers market and the value of properties goes down...
If there are a lot of ready and willing buyers and not enough properties it becomes a sellers market and the prices and home values go up....

That's just what the market is like. And by the way, besides that condition and location and views of your property will influence price, the way it shows and the value of a property truly is what a ready and willing buyer is ready and willing to pay for it....
Happy Selling!
Edith Your Chicago Connection

Nicole,

I have been reading some of your past posts, including your follow up comments.

It seems to me that you're all over the place and you're running all over trying to find an answer that you want to hear. I really think this is confusing you more and more.

You posted about 1/2 hour ago saying you want to sell your home, move to the City, you're going through a divorce and now you're wanting to know how values increase. You need 1 "lucky" home to sell over 200,000, then you want to be the next "lucky" one.

You need to consult with a good Realtor in your area and consult with him/her. You have a specific situation and there are agents commenting to you and they may not know your market area.

I'm being 100% honest when I'm suggesting that you slow down, consult with someone in your area that gives good advise and follow what they say. How many homes are on the market in your area and you need just 1 home to sell over 200,000 and you'll be ok? Not very likely.

Econ 101: the law of "supply and demand". Value increases when there is less supply or more demand.
It's not "luck". Its how the market works.