The current real estate market requires a lot of patience on the seller's side, the agent's side and the buyer's side. The sellers have to present their home in the very best light they can and patiently await the right buyer. The agents have to work twice as hard to sell the houses because it takes 4-6 months worth of work instead of 1-3 months of work, for the same pay. The buyers have to be patient in the fact that there's so much out there to see; to be sure they're getting the home they want.
Real Estate Agents are market testers. We compile our comps and study them with the sellers and we all arrive at a listing price and present it to the market. The past few years the great appreciation in homes has diminished somewhat and this year some sellers are getting tax reappraisals that are showing the value of their homes going down. Many people are having to price their homes and sell their homes very close to the tax appraisal amount or below.
After several showings, if we haven't received an offer it is time to sit down and discuss lowering the price and testing the market with a new price which will present it to a different group of people. ( There's no exact price for the home on the market, it all bears upon what the buyer's are willing to pay). At this point, the sellers have to be willing to do their part and lower the price, if they want to move to the next level of their lives.
In this kind of market the sellers may feel like they take a hit on their home price, but they should make up for it when they buy their new house at a bargain price too. Homes that are older, even though updated, still, many times, do not have the amenities of the new homes. Also, homes that have a poor location or back to busy streets have a stumbling block. In these cases price overcomes all objections.
Time changes all things, and this too will pass on and the market will speed up in the future.....have hope!