as an active homebuyer, i can tell you that we would never offer more than the assesed value of the home. a home priced at 10K below assesed value sounds reasonable to me, but it depends on the condition and curb appeal of your home.
Ask your Realtor how many homes, like yours, since your home hit the market:
1. have sold
2. entred escrow
4. came on the market
5. lowered their price.
That should tell you where you are. In most market, homes that sell in the first 30 days days sell closest to asking price, so don't play the "I'll price it high and come down".
Realtors know value. AT least 10-12 showings in the first two weeks. or lower the price.\Sounds to me like the market is talking and you are not listening.
You say you priced it at "appraised value." Appraised by whom? And did that price reflect the CMA that your Realtor ran? Even if it did at the time, ask her for another CMA. Market conditions can change, and you want to make sure you keep up with them. I don't know your area at all, so I can't comment on the price itself.
And I'm sure there's some substance to Mark's comment. Between Wall Street, the surging price of oil, climbing unemployment, the collapse of IndyMac and the apparent collapses of Freddie Mac and Fannie Mae, the subprime collapse, and the attitude of some (Phil Gramm calling us a "nation of whiners"), it's a difficult time to sell. That, plus summer in Texas...
Anyhow, talk to your Realtor. See what he/she suggests.
It's all about price this year in DFW. It's a buyer's market, but I'm finding inventory to be spotty. In some areas, it's hard to find much on the market, because everyone is "waiting until it gets better" except the folks who have to sell. There are a lot of foreclosures on the market in some areas that are lowering comparables and which are competing with non-foreclosures. In addition, there are many short sales out there, too, which are trying to avoid foreclosure.
In the lower price ranges in this area, there is no lack of willing buyers. Being able to get those willing buyers qualified and approved for a mortgage is challenging. That situation is easing some due to positive changes in FHA mortgages. It will get better rather than worse in the next several months.
Many folks are choosing to lease their homes rather than sell so they can "wait until the market gets better". All of this "waiting until ..." is having an effect on the market as well. I wonder if the market wouldn't be doing much better if there wasn't so much waiting going on. Consequently, I've been seeing higher rental prices and a brisk market in leasing as an alternative to buying.
If you are one of those folks who got into a new home with no down-payment and a "creative" loan and you are trying to get some down payment money out of your home, you may find that you have no equity and that you may actually have to bring money to the closing table to get out from under this house. If you are in this situation, you are not alone either.
If you need to get the house sold now, you may have some hard choices to make. That's just the way things are right now.
You might also ask yourself about the service your listing agent is providing and whether you are satisfied and confident with him or her. Some realtors are lowering their commission rates to compensate for the market with mixed results and with mixed opinions in the real estate community. Again, my market is not your market, so I have no vested interest in your home (like competing for your listing) and lower commission percentages may be the norm rather than the exception in your area.
Good luck, and feel free to e-mail me if you'd like more of my sage advice :o).
Mattye P. Smith
Colonial Real Estate
The reality of selling is that, anything will sell if it's priced right. All other factors are secondary. Once you have found the right price you will also find the right buyer.
Listen to your agents advice.
The "Eckler Team"