With all of the bank-owned properties and "must sell" homes flooding the market right now, people who have their homes on the market without having the "need" to sell are getting frustrated. Prices are being driven down by short-sales and foreclosures and agents are having a tough time explaining why homes that were reasonably priced last year are not getting shown and no offers are coming in. Often, sellers point out that there are several homes LISTED at higher price points, but it's our job to make them face the fact that LIST prices are not true COMP prices and that when a foreclosure sale is filed at the county courthouse, it becomes a COMP price for the neighborhood. Of course, appraisers can enter comments in their reports about conditions of sales, but for now, prices in some neighborhoods are being held down. The rate of appreciation we saw a few years ago (double digits in some areas!) has slowed considerably.
If you simply WANT to sell your home, this may not be the right time for your property to sell at the price you'd like to get. Talk to your agent - and LISTEN to what they have to say, even if it's not what you want to hear. If you can be patient and wait for the market to absorb some of these MUST sell properties, you'll most likely get a better price and have a shorter time on market in the long run.