Eyevalue- The agents all make excellent points.
Time is money.
Price is key.

"But incentives may get people in the door, especially at lower price points. Once in the door, the potential buyer may decide to buy something. The lure of the prize may be the catalyst for the sale."
"While a $20,000 or $30,000 reduction in price seems nice, a lower interest rate through paying down points or a buy down can save the buyer more money over the life of a loan."
http://www.forbes.com/2008/07/14/homes-sales-incentives-forb…

Why not stimulate curiosity and interest with OPTIONS for potential Buyers?
Think outside the box...

Dear Eyevalue,

If your home has not sold in 30 days, it is overpriced. The reason is that when you put your house on the market, the ready, willing, and able buyers have already seen the available houses. If yours come on and is the best out of their choices, you will get a purchase and sale agreement immediately. In today's market, you have to be the very best house out there, or your house will sit. We are still in a declining market and what you want to do is get ahead of the market.

In today's market, or any declining market, you do not want to follow the market to the bottom because you then put the least money in your pocket.

If you back to a busy street, you have to offer a lower price than homes that do not back to a busy street. In a normal market, a busy street means $25,000 to $50,000 lower than the competition that is not on a busy street. In a market with a lot of inventory, like this one, that number expands.

Here is what most peopl do not understand: if you sell within the first 30 days you put the most money in your pocket. The longer you wait, the less you get, even in a balanced market.

I usually meet with my clients three weeks after the listing is on the market. At that time we do a market review. If we have had no agent showings we are proabably 10% too high. If we have a dozen showings and no offers, we are probably 5% too high. 95% of what sells a house is the value, which means the price for what you are offering in product and location compared to the competition.

If you want a very quick analysis of your current value, my website will give you a very rough estimate based on a combination of cyberhomes.com and zillow.com

Good luck in getting your home sold.

Warm Regards,
Karen McKnight

If you are the house listed at $510,000, take it down to $499,950 where it should have been six weeks ago.

I'm guessing here by looking at all property listed between 4/15/09 and 5/08/09 in 98005 near the freeway that have no price reductions and no basement.

Remember, people looking "up to $500,000" will not see you at $510,000. The odds of your selling over the 2009 assessed value are slim to none. Your options are $475,000 or $499,950. In between is likely of no consequence.

Buyers like a 4 on the front and sellers like a 5 on the front. Again, this may not be you, but if it is you, you definitely need that first number to be a 4.

Hope that helps. If not, give us a little more info, as a drop of $10,000 from $499,950 to $489,950 is not worth it, but a drop from $510,000 to $499,950 IS. It's where that $10,000 puts you that is the determining factor, not the $10,000 per se.

Dear home seller
6 weeks is only 42 days, not much in today's market. Still, if you have not had an offer in the first 30 days it is safe to say you are currently over priced in this buyer's market, for your particular piece of property. I would strongly recommend you sit down with your agent and see what price point comparable homes are currently selling at. You then need to ask yourself can I afford to, or not to, reduce my price to compete? Clearly your situation, motivation or need to sell need to be considered. In today's market with so much inventory for buyers to choose from only the best deals are moving. Good luck!

There is a price at which your house will sell TODAY. There is a price that someone who is shopping in your area today will pay you for your house. Whether that price is $5 or $5,000,000 depends on the buyer looking today and what they think your home is worth. In other words, your home is worth today exactly what someone will pay you for it today. No more, no less.

Too many sellers get caught in the trap of thinking that "no one is buying anyway". People are definitely buying - they just might not be interested in your house at it's current price. You can either sell your house or you can be a statistic chasing the market down the hill. If your agent is doing everything normal with regards to marketing (good Internet presence, nice photo gallery, good exposure), then your price is too high for the buyers looking right now. You must either lower your price or wait for a new pool of buyers. It all comes down to your level of motivation.

In the Washington State market, I would suggest going as low as you can stand it right now and stick to your price. If you really cannot go as low as the market is demanding, then it may be time to look for alternatives to selling. Listen to your agent - if you have a good one, they are in the business of selling, not listing homes and they will help you evaluate your goals and meet your objectives.

Good Luck!
Meredith Laws
Windermere Real Estate / Anacortes Properties http://www.LiveInAnacortes.com

How much are you asking?
If you are going to reduce the price ...take big chunks rather than little bites.

When you reduce your price by $10,000...you lower a potential Buyer's monthly payment by ONLY $56.51/month. Doesn' really expand your pool of qualified Buyers, does it?

$20,000 reduction = $113/month less for your Buyers.

The most economical thing to do is to price your home aggressively, then offer a $10,000 Concession that Buyers can use toward closing costs or discounting their rate, or ...if you have multiple offers you may be able to put the $10,000 right back into your pocket.

Being close to the highway and having no basement compared to other properties in the area does reduce the value of your property, and buyers will need to feel a sense of value in order to accept those deficiencies. When you say your price is comparable to similar homes, do you mean other homes on the market that also aren't selling, or homes that have actually sold recently? In a slightly declining market, the recently sold properties are a much better barometer of your value than other homes that aren't selling either. Six weeks on the market is long enough to have anyone currently in the market an opportunity to see and evaluate it. At this point, you're going to be seeing only buyers that are new to the market, or those that return based on a new perceived value. Based on your time on the market, buyers will likely think the price is too high regardless. There is no correct answer to the question "How do I know when and by how much?". Pricing is an art, not a science. You hired your broker for a reason. Obviously, you believed this was a good person to represent your best interest, and give you quality advice about the marketability of your home. Your broker has the most direct information on what the activity and comments have been, and it might be best to listen to the advice you're being given. Good luck.