Julie,
All homes on the market whether Foreclosure, Short Sale or regular sale, are your competition. A buyer doesn't care where the house comes from, just what they pay. Unless the Foreclosures are in need of many expensive repairs, they are just another house on the market.

You may want to view these homes to see what your competition has to offer and put yourself in the mindframe of a buyer. Or take it off the market if you don't need to sell until inventory is lower and buyers have less to choose from.

Best of luck to you!
Louann

Hi Julie my home isnt a townhome however it has been on the market since the beg of August. I have had no offers to negotiate with either. But we are going into Spring and this is truly the time people want to move,need to or are more serious. I have owned 3 homes and 1 sold in spring the other early summer. THis market is tough however just wait until March if u havent had an off then lower it., The reason as my realtor and many others have said the time frames in the past were not realistic to an average market. Usually takes 3 months whereas now about 6-8. Mine will be at the 6 month period in a couple weeks. I say if u are not in a hurry be patient, I am not in a hurry as i have someone living in my home and i live for free in another state with family so i can take it easy as i am still gaining equity, the tax deduction of owning my home and the only draw back is my stuff is everywhere, but all dealable, GOOD LUCK and be PATIENT

Thank you to everyone for answering my question. You are all in agreement that no matter what, the price needs to be dropped. We just don't want to "chase the market" and keep dropping the price every 30-45 days.

We actually listed lower than what our agents suggested to start with, which was slightly lower than our comps at the time. We are a bit disappointed that our agent's advice on pricing was not on target to begin with, and now we need to go even lower.

I agree that a large part of the problem is not enough qualified buyers in the market place at the present time. There are agent's showing clients who are not even preapproved at this point.

Thanks again, I appreciate everyone's time and feedback.

Julie,

It's simple, lots of showing and no offers.......this is the market talking to you, and it's saying lower the price. This sinerio is better than no showings at all......and the market is saying something may be wrong with this property and lower the price.

Essentially, your current price is not accurately reflecting the market value based on today's conditions, in the eyes of the buyer. If you delay making a pricing adjustment the gap between your price and the real market price will widen.

Good luck

In most markets homes receive the most showings in the first two weeks on the market.
I expect 10-12 showings or one offer in that time. If I do not see those results, I lower the price.

How many homes, like yours, since your home hit the market, have:
Come on the market
Lowered their price
Gone into escrow
Sold

That will tell the tale.

Obviously, the holidays have affected the market over the last two months. However, I'm sure homes are still selling in your area. Buyers right now think they're in the driver's seat and are looking to basically steal homes. Your home has been on the market for 45 days now and no offers, drop the price. Period. If you wait, you may end up getting less if the market continues to slide. Good luck.

It is a tough time to sell and buyers perceive shortsales and foreclosures as deals. Whether the home is a shortsale or not you should not limit your comps to non-shortsales. you should pick comps based on how it compares to your home. not the type of ownership or financial situation of the owner. assuming everything else is equal a shortsale should not sell as easily as your house because it takes longer to complete the contract.

Keep in mind we just got out of the two slowest months of the year. Most of the people who where out looking the past few months where just "LOOKERS" sping market is soon upon us and the serious buyers will be coming out soon. The bigges problems the buyers are facing is financing. The banks are very tight with there money and they require perfect (almost) credit with good job history and a good down payment. If your home is still not sold by June your most likely over priced. Or your area is to saterated with available properties.

DF