In their afternoon news program, CNN asked the question - Sit or Sell? Because of the state of the economy and housing market, many sellers are deciding to wait until the market improves. To answer the question of whether to sell now or wait it out, CNN told the story of a homeowner in MD who wants to downsize and move to FL. After a couple of weeks on the market, there were 16 showings, but no offers. Her agent wisely advised her that buyers had rejected the price. Since the seller had at one time been a Realtor, "she knew what to do - she lowered the price".
CNN went on to say that the homeowner didn't "have to sell" and didn't want to "give it away" since she had spent a great deal on renovations. But there message was that if she wanted to get her house sold, she would have to be aggressive and respond to what the market was telling her. Their advice was to Sell as quickly as possible.
I think I've heard that advice before somewhere ... oh yes, it's what we've been saying for the last couple of years since the housing bubble burst.
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