Usually that is the answer, but not always. Ask your Realtor to review the marketing plan. Sometimes a new sales approach can be as good as a new price. I recommend a 90 day review of both.

Thanks for all your responses. In my case I think it's just unfortunate timing! Financially I don't need to sell. The rest of the story is complicated.

I had my own CM done to be honest it certainly was much lower than last year but needless to say it seemed with in reason.

In my area there seems to be high taxes, more than a few foreclosures, auctions etc.... It's like the Filenes Basement of Real Estate! My land is worth more than my home on it! LOL

Time will only tell. I just really hate the fact that decent homes that should be demanding respectable prices are reduced to compete with homes that are now Bank Owned. Of course that is my opion I just think that if every one started to base their prices on homes that were sold at auction or Short sales..... well soon we all may be in line in Washington .... the bailout line.... if that makes sense.

Thanks again

Sue
I am very sorry if this is your house.

Any home will sell at the right price. That does not mean that people bought homes at a higher price, the market shifted, now they "need" to sell.

Some say that the need to sell is simply the fact they do not want to own a home the is worth less than they paid

Some need to sell because they got a 'bad ' loan that is adjusting and they can no longer afford the new payments.

Some sell because they had a love one die, a love one become very ill and cannot afford the medical bills, or some other serious reason.

What is your reason? If you can make a case then go for it. The true question is "why to you need to sell?"

This is a buyers' market. If you do not need to sell, do not sell. In a buyer's market, you are supposed to buy (with complete documentation) :) (smiling face)

IF you cannot negotiate a loan modification, then you either stay in the home short sale, or rent it outl

Sue,

The new game in town is "foreclosures." They have and will continue to impact the real estate market as never before. Your question is a very good one. There are other ways of competing but it is important to understand that a key factor for today's buyers is price and that the vast majority of buyers are looking for the "best deal."

The key to competing with "foreclosures" is to make the home perfect in every way. curb appeal, model home feel, current colors, every aspect finely detailed. Foreclosures can not accomplish this....most are in rough shape and require a vivid imagination to bring the home close to acceptability.

Another way of capturing the buyers interest is enticing them with perks: offering a one year golf or tennis membership, paying a year of HOA fees, a cruise, offering money toward closing expenses, etc. Anything that would attract the interests of the buyer.

It may not be essential to get down to the foreclosure price but you have to do something to capture the buyers attention.....and thinking "out of the box" shouldn't be out of the question.

Good luck
The "Eckler Team"

Sue,

I have found a free live webcast every Tuesday & Wednesday starting at 8:00 (EST)

"How to Sell Your House in 2 Weeks!" Free ebook! You can watch the pre-recorded video 24/7!

http://tinyurl.com/4v3dbr

You don't have to lower your price, there are other options.

You can call me or email me. Let me know how I can help.

The value of the property depends on many factors. Two issues with foreclosed properties, that immediately come to mind, are the condition and the 'transferablity' (how easy is it to acquire the title). In simple terms, this should give your home sale, one that is not foreclosed, an advantage that should allow it to be competative at a higher price.

Good luck!

The accurate answer to that question, IMHO, is one which the pros are headed toward....but maybe not outright saying.

Here is the simple truth:
THE VALUE OF ANY PROPERTY IS THE PRICE YOU CAN 100% SELL IT FOR WITHIN A REASONABLE AMOUNT OF TIME.

I would use 90 days as an example. If the property does not attract a lot of lookers...and offers - or, if it attracts lowball offers, that might be what it is worth. Remember, we have property values falling from 15% to 40% all across the nation...that is, of course, from the very high peak.

Unless your property is something REALLY special or priced really aggressively, it is unlikely to sell easily in this market. Those are the hard facts which many sellers have yet to understand. Until they do, the market will continue to be still

Many foreclosures require allot of home improvements, the property owners have allowed the house to w/o attention it requires, then the bank processing for loan foreclosed homes can take some imagination to see past high grass, dirty pools, flithy walls, and etc. Nice presentation of a home can be of higher interest than a foreclosure ask you agent for additional options.
http://www.lynn911.com http://www.homes-for-sale-dallas.com

No, there should be 2 price points in the area, foreclosed and regular sales. However, if a home is not selling it probably is the price. You should have your agent do a current market analysis and look at the reasons why the home is not selling. Also, look at the feedback from the showings you have had to see if there are any easy fixes you can do. The current financing issues could be contributing.

Not necessarily Sue.Yes, it needs to be priced appropriately to get shwoings in this market, however, some buyers prefer to view fair market value sales compared to the short sales and REO's.
Priced right and the right marketing exposure will still make it possible to sell in this market.
Brenda