John

Denise - the short answer is that it depends on the listing price.

Buyers are scarce and inventory is exploding along with foreclosures. My sense is that there are some buyers in the wings, but they are sitting on their checkbooks unless they can get a screaming deal. Nobody wants to catch a falling knife, and buyers realize that the NAR (national assn of realtors) has been calling a 'bottom' in the market incorrectly since the market peak in 2005 - there is no guarantee prices will not drop substantially even from current corrected levels. That fact, together with skyrocketing taxes and insurance costs are making the reduced pool of potential buyers gunshy.

I would think that if you *need* to sell, price the house aggressively and sell now. If are in a position to sit on the house for at least a couple of years, maybe you'd be better off trying to ride this out - it all depends on your specific circumstances and specific property.

Anyway, good luck. This is a very difficult time for those who want to sell their home. - Thu Mar 6 2008, 08:20