In today's market, homes are taking longer to sell.  There is a large inventory in all price ranges.  Buyers have a much larger selection of homes, from new and resale, to pick from.  This is expected to continue through 2008 and into 2009. Also, you have allot of foreclosures and bank owned homes to compete with. If this is the case, what options do sellers have, if their homes aren't selling quickly?

One of the main reasons that homes aren't moving fast is that the home is priced too high for today's market.  Our median sales price was down 8.2 % from a year ago, nationally.  In some areas of the country, it was even higher.

If your home isn't selling, look at the price you are asking.  Have your real estate agent do a market analaisis, called CMA, and see what is selling, what is pending, what is just sitting, what other prices are, and what has expired- meaning what didn't sell.  Your home may be nicer than some, and your Realtor will help determine that.  If it comes to a price thing, adjust it before it is too late, and you have to take even less to sell.

If you aren't able to accept an offer of a reasonable price, in today's market, and can afford to hold onto your home, than take it off the market and wait for the market to come back up.  A home just sitting on the market doesn't do anyone any good.  The longer a home is on the market, the less desirable your home can look to potential buyers.  They may wonder what is wrong with it, and try to offer less. 

With some homes, price isn't the only issue.  Some may need some minor facelifts or cosmetic things done, to make it more salable.  If this is the case, maybe you showed take it off the market, get the changes done, and than put it back on.  This can bring new interest to the property.  And maybe a new price would be good to do at this time.

Maybe you may need to rent out your home, temporiarly.  Make sure you talk to your tax person, before you do this.  Personal resdences and rental property have different tax laws and could affect tax benefits and whether or not you have to pay taxes when you sell. Also,  selling a property with a tenant, can have it's own problems.  And you will now have to be a landlord, with all that comes with it.   Way your options carefully, before you make any moves in this direction.