To Stepn2me--You have a misconception about tax value in our market. In this market, Winston Salem/Forsyth County, tax value has little or no correlation to market value. For example, a home may have a tax value of $240,000, but have a fair market value, as supported by comparable sales, of $325,000. In addition, sellers in our market have already priced competatively. You will not find many sellers willing to negotiate if you are looking to undercut their value, as our highly experienced agents are excellent at pricing homes correctly. You may actually wind up wasting alot of time with that approach. In our market, homes are selling for approximately 96% of the CURRENT LIST PRICE. This is not NOT NOT based on tax value. In our market tax value does not correlate accurately to market value. You will, however, find some sellers willing to assist with closing costs if you offer a decent purchase price for the home.

To Merri--
As far as how many days on the market it takes for an average home to sell in WS...our market has a 6-9 month supply of homes in some price ranges. The key to selling your home: follow ALL the advise your agent gives you about the marketability of your home. If the agent says "paint and declutter" then paint and declutter. If the agent says "we need to stage this home to sell it" then follow her advise. If you are not with an agent who is actively MARKETING your home with a market-leading real estate agency, you may want to consider whether or not that is the best fit for your needs. Have you listened to the feedback the agent is getting about the showings on your home? This info is very valuable, when a home is not selling.

Feel free to email me if I can be of any assistance. Have a great day!

I just ran a market analysis yesterday and the average DOM (days on market) decreased from 112 in November 2008 to 89 in April 2009. This was for the SW Forsyth County area including zip codes 27103 and 27012. Prices decreased by 12% over that same six month time frame. That is the main reason for the shorter DOM we are currently experiencing.

Hi, Stpn2me, thanks for your response - I'm pleased to say that we have actually sold our house and didn't have to drop our price much to do so. We are currently under contract to buy another house and are paying $15k below asking, but still $10k above tax value. I don't know where you are from or what market you are comparing W-S to, but I think your expectations may be a bit unrealistic. While this is a buyer's market, this area just hasn't been affected like many areas of the country. Houses here are taking a little longer to sell than normal & prices may have dropped some, but you probably won't find a deal like you're looking for unless you find a very desperate seller. I especially think this may be the case if you aren't buying until next year - the housing market already appears to be getting a little better here (I say this based on observation & from speaking to a couple of realtors). This will be the third house we have purchased and we are very pleased with the purchase price and feel like we are getting our new house for a good price. Best wishes in your house search and I hope you enjoy W-S as much as we do. :)

Hey Merri,

I am going to be a buyer in the W.S area sometime next year. I am a first time buyer after 20 years in the military. I will be honest, I am looking for price reductions. I will not even look at houses near the tax value. It just isnt realistic to me. Usually my first gut price when I look at a house is right on. Most houses now are just over priced. I have been looking at houses in Walkertown and W-S. Most are asking too much in this market. If your house was $400,000 in the boom, it's probably worth sub $280K now...Most sellers still dont want to acknowledge the market, but that's ok. I usually run into another seller willing to reduce their price on a similar house. Sorry about your situation, but it's about time the pendulum swung into the buyer's favor for a change!

Merri:
You are certainly commended for your couregeous approach in price reduction. It is well known after "location, location, location" that "price, terms and condition" rule. I liked the answer given by Larry concerning utilizing a current market analysis for your area. This will help in reassessment of the market conditions in your neighborhood. Your agent can assist with this request. With so many Buyers coming through and only one offer, you may have started out too high and lost some other potential Buyers. In the event you feel you have now landed properly "pricewise" then please examine your condition. It is clear that you have remodelled your home, but have you totally neutralized and de-cluttered your home? Staging is extremely important. Any time you visit on-site home sales, you will find what Buyers are looking for - they are looking for a dream home. Do yourself a favor and take mental notes regarding that kind of staging - it creates an atmosphere for the Buyer to begin loving the home. If you are not already watching many of the shows on HGTV - please take advantage of what they have to offer - some great ideas there! We all know you do not live in a home the way you sell a home, so that short term sacrifice is many times worth the long term gain. If price and condition are properly assessed and corrected, then perhaps you might add closing costs or another benefit for the Buyer . All in all, we now believe the market is slowing turning. We used to tell our Sellers the average time in your area was around 120 days/now it is greater. A local appraiser has stated that we have many more homes on the market and fewer Buyers presently. My assessment I believe to be true is that when some of the first time Buyers can take the plunge, then it will free up the next Buyer and so on (like a ripple effect). Also, it sounds as if you have a lovely setting. Homes near a lake will need that certain Buyer's attention. Folks with smaller children are not likely to come forward for obvious reasons. That leaves the remainder of your target market for families with older children, retirees, couples and career individuals. I don't know your price range, but would believe your home is in $250,000 to $450,000 in the 27106 area. If that is the case, there are approximately 79 other homes in that price range. Aside from that, there are only 7 under contract presently. Again, it appears supply and demand are playing an important role here. Much patience will be needed, lots of hard work and perhaps some uncomfortable decisions may be needed. Best advice - don't let things become stagnant - keep things moving - and give the best exposure you and your agent can afford - a virtual tour if you do not currenty have one could be just what that Buyer needs to move further. If you find you need to continue to reduce your home to acquire a sale, it is very likely you can gain on the buying end. I understand your frustration, and I hope this helps!

Merri,
Not sure of your which neighborhood you are in but, the Triad as a whole is running at 90 days on average. The Triad MLS publishes these figures and actually for August it was up to 91. This is up from the beginning of the year when we were averaging 87 days.
My question I guess to you is have you had a new CMA ( comparative market analysis) done? I do one every month for my listings. You really need to watch what the market is doing in your particular neighborhood. The next question is the marketing approach your agent is using. Where are they targeting their marketing? Is this a home for first time home buyers, or is this a luxury home? You need to determine your market and then target the marketing approach to that. What type of web traffic is your listing receiving? What were the comments from all those buyers viewing your home? Was there a common element to what they were saying as to why the home was not right for them?
I could go on and on but, I guess it comes down to you sitting down with your agent and figuring out what to do. Chasing the market by continuously lowering the price is not a strategy.

Hope this helps,