Michigan was in a heavy sellers market from 95 - 01 which drove the prices way up. Then we switched to a buyers market in June of 01 where prices started to level off and go up a little a year. But in 04-05 we started to see the market go down and since then it has been coming down fast. The bank owned homes and short sale have ruined the values. Now we do not service Westland but work Macomb County, so it's probably the same.
By what we are seeing out there we would say we are feeling the signs of the market leveling off again. But the changes made this week on Wall Street will either help or hurt it. So turn around is a crystal ball question.
The person in the best position to advise you needs to know three things
1. Your property
2. Your personal situation (when you need to move, how much you need to net)
3. Your local market trends and values
You need showings (10-12) to get an offer. No showings means that it is over-priced. If you are not serious about selling OR you are not willing to price it to sell, then take it off the market.
The LONGER your home is only the market, the less it will be, For example, right now in my market listings that sell within 30 days sell closest to asking price. At 120 days it is 93.6% of asking.
You'd be better off re-launching it later (assuming you think that home values are going up.) According to Trulia prices are dropping.
You make the call.
Real estate is local so while some areas are presntly turning, other areas are many months away. Your situation is common. The question you need to answer is how much are you willing to pay to move on. If your answer is nothing, then you need to wait and be patient but understand the longer you are the market for a given price the less likely you are to receive that price. If you are willing to part with a couple thousands dollars just to move on with your life, reduce your price and move on.