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The Money You "Lost" in Your Price Reduction Wasn't Real
Some sound advice from one of our seasoned colleagues.  His market is more expensive than some but the sage advice that he offers is applicable to everyone who wants to sell their home and the home has been on the market for a while.  It might not be what you want to hear but it is what you need to hear.
With a median home price hovering near $700,000, even a modest price reduction on a Westchester County home can be tens of thousands of dollars. I have to approach a reduction with the diplomacy of a funeral director but be as convincing as a physician imploring his patient to quit smoking. 
No one could predict after the stimulus where prices would go, but it is clear that what few buyers we have are skimming the absolute cream off the top and leaving the rest. They even fight over the good stuff, creating an illusion of urgency in isolated precincts. Overall, sadly, median home price is an illusion; it is a metric of the value of those few, unique sought after homes that people watch even when they weren't on sale. They needed nothing. They were priced to the bone for their category. 
Money lost ... more

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