Okay sellers, want to know how to sell your home in this market? Then swallow hard and listen carefully! If your home is priced 5% below market value IT WILL SELL. No amount of marketing will cause a house to sell. PRICE IS THE NUMBER ONE CAUSE OF A HOME SELLING.
Now I know all of the reasons for not taking this kind of approach- I have to get, The house I want means I have to net, I want to be able to pay cash for my next home, I'm not giving it away, and the list goes on. Now get this, your home is worth what a buyer is willing to pay, no more, no less. Pricing it below market will generate traffic and traffic begets a sale. And guess what else, it may result in buyers competing and if that happens you might even sell it for more money. Once a buyer is emotionally involved with a home their willingness to pay more also goes up if they feel they might lose the property.
I bought a home in 2004 for $425,000 and I could have sold it at the peak for $550,000. Today, I might make 10-20k. That's reality! Sellers still want to start high and then reduce the price. This will only result in you netting less in your pocket. Another point of reality- the longer it sits, the less you get. If we are in a declining market and you start high and later reduce the price, it puts more downward pressure on the existing market and precipitates a further decline. Simple logic yet most people don't get it.