Everyone was really excited these past 5 to 7 years as prices were appreciating and getting your home sold was often an experience of multiple offers and short listing periods. It was a sellers market and as a result everyone was selling to realize their gains, great news if you are selling to downsize or to get out of the market. If your home was over priced the market would eventually catch up and your home would most likely sell, later rather than sooner.
The trend is now the opposite. Prices are declining and while sellers are selling, buyers are being more selective in buying. Homes take longer and the prices need to be set very carefully to ensure that your home is not left behind.
Great you say...now how do I come out ahead? Let's look at the opportunity of moving from your home to a larger home. As prices decline they impact all homes, yours becomes less expensive but....so does that home you really want to move up to!
If you sell your $400,000 home today and want to move to a $600,000 home, the gap is $200,000.
But wait, there's a delay in closing so as time move on (to the right) the $600,000 home price declines while you've locked your price in as sold. The gap is no longer $200,000 but depending lesser, depending on how much time actually goes by.
You have just moved up to a larger home and kept more of your money in your pocket. When the market turns around (it always does) your property value increases and, if you want to sell you gain the benefit again!
Putting your home on the market now and getting it sold now means a better opportunity as a buyer to move up...what are you waiting for?