Unfortuantely...ANY available home or sale effects home values. If you are in a community where there are many foreclosures or short sales then your property will be effected. Your home is only worth what someone is willing to pay. Today your home IS worth less than it was in the past. I don't know what your personal circumstance are, but if you are in the situation to also buy something, you will also be paying less for your new purchase...so it is all relative.
Are you working with a REALTOR to market and sell your house for you? If you need a great agent, let me know....you are just North of me and I will refer you to someone who is one of the best in your area. This is a free service I am offering you...so let me know if I can help...
Good Luck ,
Yes foreclosures have affected home sales and it is a buyers market presently. Most buyers do access the internet to look for homes so it is important you have the home on the multiple listing services and other sites as well. This will give your home the most exposure. Have you ever thought of staging? I do have access to some wonderful people that can give you tips on making the home more marketable. Getting a list of recent homes sold that are similar to yours might help you also on where to price the property. Keep your chin up! Katherine Ryan
Associate Broker with Houlihan Lawrence Real Estate
Sorry, but values may not come back for years. It's not just the amount of inventory but also our economic standing in general. Anymore people can only buy what they can afford judged by their income. It's back to basics. Learn about all your options and then choose the best while keeping in mind that neither option may be what you really want.