Dear Pest 947,
I checked the local Multiple Listing Service's records and found that there were 96 single family homes sold in Waterford during the last year. Without doing any great mathematical calculations, it appears that the vast majority of the properties sold within 2-3% of the list price at the time of the offer. Of course, there were a few that sold for 5-10% of the list price, but they were the exceptions.
The key to selling a house in any location right now is pricing it correctly to begin with. A competent, experienced sales person should be able to determine the proper list price for you by performing a Comparable Market Analysis (CMA) of your property. This report takes comparable, recently sold properties, and compares them to your property to determine your home's value.
In addition to knowing at what price to list your property, the next absolute requirement to successful selling is condition. With sooooo many foreclosures on the market, you have to make your home stand out from those distressed properties. Many buyers do not want to look at homes that are in need of repairs. If they do want to consider doing some work on their newly purchased home, they will buy a foreclosure at a greatly reduced price. If your home is in poor shape, and you can't or do not want to spiff it up, then you have to price it with the foreclosure properties. Otherwise, make those repairs that you have put off for much too long, slap on a fresh coat of paint, clean the windows, replace/clean all the flooring, dehumidify the basement, and do all those other things that you would want done if you were the buyer. Remember, it is still very much a Buyer's Market and you have to convince them to buy your property!
If you need any help with that CMA, let me know (no charge),
Certified Distressed Property Expert (CDPE)
RE/MAX Newport Realty Corp