Have you been out shopping lately? Whether you are shopping for clothes, electronics, furniture, or cars, it seems like everything is on sale. I can't remember the last time I had to pay full price for what I was buying. Economic reports show that sales volumes are doing okay but revenues are down. People are still buying, they are just spending less.
It is no different right now in the housing industry. Recent sales activity reports show that sales are picking up and will probably continue to do so through the spring market. If you have your house on the market or are thinking about selling, are you willing to do what it takes to sell? Do you want your house to be for sale or sold? Inventory levels are approaching all time highs, there is a lot of competition out there, and price seems to be the number one criteria that buyers are looking at. What is the asking price for your home? How does it compare with homes that have been selling? Is your house on sale? Price is the simplest variable to compensate for location, condition, size, age, curb appeal, etc.... Old run down houses in poor locations are just as easy to sell as premium homes in great locations as long as the price is right. If you are asking a premium price for a non-premium home, it probably will not sell. If you don't ask the right price, it does not matter what else you do, the odds are just not in your favor for a sale.
If you have your house for sale but don't have to sell and therefor are asking an above market price, you may as well take it off the market because the odds are that it will not sell. Conversely if you have a strong desire to have your house sell, you have no choice but to price it correctly in today's market. Buyers are very educated and they are buying the deals. If your house is not a good deal in the buyer's eye, it probably will not sell. As a seller it is ultimately up to you what you are willing to accept. Forget about what your house used to be worth and focus on what it will sell for today. Don't fight the market, go with it, and achieve your goals.
Have a great day!