Right now, with so much inventory, pricing is your #1 marketing tool.   

Currently your main competition is (in order):

1. New Construction:  New construction set the trend with prices.  The prices began to drop beginning of September and the bottom fell out in middle of October.  In general, you are looking at 6-8 month builds.  You want to price competitive with new construction yet deliver quicker than new construction.
2. REO (bank owned, foreclosures):  Bank owned homes followed the new construction wave in late October and we are seeing prices sink lower and lower.  The inventoroy absorption in this market (when you look at it as a whole) is pretty decent and hovering between 9-11 months and expected to drop in January 2008 with the three auctions that were just held.    People are attracted to REO listings because they think they are getting a bargain.  The problem is, most times they are not.  When your list price is low and you are in competition with distressed properties, even though yours is not, you will generate much interest because buyers will have to go through less red tape to get an accepted offer.
3. Short sales:  Short sales are when people are selling for less than what they owe and they (hope) the bank will forgive part of their debt when the home closes.  There is an abundance of these listings as your competition but fortunately for you, as a seller or potential seller, these deals are rare to close and absorption for inventory sits between 4-6 years. 

If you can't sell because you are at your bottom line, consider renting out your property.  This is one of the hottest sectors of Las Vegas NV real estate right now. 

Now pricing will not be the only factor to entice a quick offer.  Here are some more suggestions:

• Make your home the easiest to show.  If you don't have any showings, you won't have very many offers.
• Make sure the agent you choose has a good marketing plan to get your home the most exposure:  Multiple offers are not UNHEARD of right now with homes that are priced right.
• Offer incentives.  Offer up front to include lender allowed closing costs, down payment assistance or other incentives.
• Keep it clean.  If you are competing with new construction, wouldn't it make sense to make sure it stays "model perfect" at all times?
  

Now let's just play pretend in fantasy land for a moment in time.  You find the right Real Estate Professional who will price your home high.  Let's just pretend you get an offer on it and everyone comes to terms and you have your home in escrow.  Let's pretend that the person that is paying for it has to get a loan for less than 20% down.  Now we stop playing pretend when an appraisal is involved because appraisers WILL look at the REOs and new construction in your area and all those values will be taken into account for market conditions in your area.  Now, more than likely, you will be dealing with a low appraisal and have a couple of choices to make:

Lower the price so the deal can go through

~OR~

The buyer can come up with the additional money so the deal can go through

~OR~ 

You meet somewhere in the middle so the deal can go through

~OR~

You put the home back on the market.

That is such a fun game to play!  Now do you want to price it appropriately to begin with so you can bring in the highest and best offers with the best terms or do you like to chase your tail?  Think of how many people you missed from list time to appraisal time by not pricing it well to begin with!

PS:  If you home is currently on the market with another agent, please do not ask for a current comparative market analysis.

PSS:  I am not listing homes from sellers that won't take my advice on pricing either! 

PSSS:  There are buyers in this market and there are multiple offers on properties priced well as I mentioned above!