The news media causes us a lot of stress. They make you believe that if you want to sell your house, you would have to give it away. Or that if your want to buy a house, the sellers should take any offer you give them. This is not true! You have decisions to make and the best thing is to investigate your alternatives.
If you don't have to sell, then don't, stay put and enjoy your home. Give yourself time to let the market turnaround. Having time on your side, is a good thing, take advantage of it. I don't mean a few months, it isn't going to change that fast. I wish it would. I will not make the mistake of putting a date to that statement. Will it be 6 months, 1 year, I don't have a crystal ball, I just know it will change and prices will go up again. It always has. I couldn't do what I do and believe that it will go down forever.
Now for those of you who do have to sell, it is going to be tough. Your first price is the most important decision you have to make. Remember the first 3 to 4 weeks are your selling window. Take your time, look at everything, figure out the REAL price you need to sell at and all the cost you will incur, go from there.
One of the things you should do is go check out the competition. Have your realtor take you to houses on the market similar to yours and be objective. Everyone loves their home and see it different than others see it. When you go out, take the time to come home and walk in the front door, because this is how perspective buyers will enter your home. This is hard to do, I know. Buyers have a sharp eye for seeing things we thing are normal. We all get used to seeing things as they are and don't realize that it might look bad to others. For instance I like to kick my shoes off as soon as I come in the house, no matter where they land, that is where they will stay till I am looking for them to go out. This wouldn't look good if I was selling my place, so the extra effort to pick up is important. Put things away that are not in use at this time. Plan a quick walk though the house when you are leaving, just to check. You would be amazed at what you find. My computer is almost always on but if I knew strangers would be walking though my house, no way would I leave it on.
Buyers will see things that you don't, so pay attention to what you look at in the properties your realtor takes you, to then go home and look at your place with the same eyes. Ask your realtor to check with the agents showing your house. What comments did the buyers have? This gives you another point of view and tells you what the buyers want.
Good luck to all and choose your Realtor with the same do diligence.