You should do a spreadsheet that truly assesses your actual costs over the next little while. If you pay your PITI (mortgage principle, interest, taxes and insurance) for the next year, what will it cost you? Maintenance? Add in your projected loss and you may discover that it makes more economic sense to stop now, cut your losses and move on.
And as everyone has so correctly stated below, no agent, no matter how good, can get you more than your home is worth in the current market. What separates the good agents from the others is how correctly they evaluate your homeâ€™s value, how well they prepare and market your home and how quickly they get you a good offer, even in a down market.
Here are a few posts that may help:
So if they appraise the place at only $350,000 and the buyer would qualify for a 90% LTV.... to get to your price they'd have to put down $80,000 + closing costs... at the price... they are going to look around... so your place would really have to be something special...
Most of the timeâ€¦ especially in this climate.. a buyer is going to want you to drop the price to the â€œappraised valueâ€â€¦. UNLESS.. of courseâ€¦ The Buyer really just loves itâ€¦ because it is so uniqueâ€¦ and then guess whatâ€¦ if they do close it at the higher price and do put the extra $$ down.. it then becomes a nice comparable sale by which other homes in the area will look at to support their asking priceâ€¦.
I hope that helps...
Make it a great day...
To see what is happening in that neighborhood, check out the link below. I blog about real estate and the Prairie Oaks real estate market. I also live there, and do think it is a great neighborhood.