I would ask for a Comparable Market Analysis of the market with a 5 Mile radius or radius big enough that would effect the decline in value.
Ok so from the information provided above and based on your home . You currently have 107 Properties on the market within your area on a 5 mile radius. As of Today and going back 90 days 265 homes have sold. That sort of means you have a hot market area.
Lets pull down the criteria to 1 mile radius since this is what BPO and appraiser will use to value your home. You have a big mix of property ranges. Looking at the homes in the area some have been updated and some have been in left in original condition. I do like the pool! Which sometimes drive buyers to the home.
Days of Market are sort of low for wanting to change dollar amount so drastically. Pending Sales are still showing above market range. Market area is volatile with alot of Solds that vary in market range. Yet the three comparable (sold) closest to your property are at your current asking price.
I dunno, I would stick to your guns. If you are looking to move fast than possibly drop it. If you want the value than keep it were it is at. Sometimes a quick drop with a short Days on Market could give you lowball offer's. Just my opinion.
If you want the documents I stated just contact me I will save them for you.
Best of Luck!
I don't know the stats of your area either, but in many markets inventories are still low. This has caused some sellers to be overly optimistic and overprice their homes. It's entirely possible that even if the market was up in your area, if you have been on the market for 30 days and haven't received an offer something needs to change. Price is easy, but are you the best looking, best marketed, easiest home to see and price appropriately within your homes market? If not fix what's not right and get it sold.
I've attached a link to my blog where I explain these 4 keys more completely. Best of luck.
Ask for an updated comparable market analysis of similar homes that have come on the market, those that are pending, and those that have sold, since you listed your home. Then discuss those findings with your agent to learn what you can do to position your home for a solid offer.
All the best to you.
You can see the link below for Sacramento market trends.