So you are thinking of selling your property?  The first thing that you need to ask yourself is: are you really ready?  The answer is "no" more often than not. This doesn’t mean that you won’t be able to sell, what it means is that you need to be educated on the real estate market before a mistake is made that could cost you dearly. 

When I meet with a potential seller the first question I ask is: “Do you NEED to sell your home?”  If the answer is "no,"  keep the property off the market until the market turns around and starts to build equity.  If you really aren't ready, nor do you need to sell, then this is going to be your best option.

Not only are these buyers qualified they are also very aware of the current market.  “Putting it out there.” may be the most detrimental course a seller can take in this market.  You only get one chance to make a first impression so you need to make it count.

Homes that are selling are doing so as soon as they hit the market.  This is no surprise being that the most interest a home will receive will be in the first few weeks it hits the MLS.  If you “put it out there” at a higher price with plans to reduce as time goes you will temporarily lose active buyers.  This is only temporary, however, as they will be back after about five months to offer you 50% of what you want (if you’re lucky.)  They feel justified as they don’t see the homes actual value anymore; they only see a problem property where an owner is getting desperate.  By starting off at, or just under, market value you will not be in jeopardy of chasing down the market and will, in return, get more money than if you had just “put it out there.”

I realize that this is not the ideal market to realize huge gains in real estate, but it is the market and to sell your property you need to make yourself competitive.  Anything less will hurt your chance of realizing the goal of selling.  As Realtors we love to have listings and help people achieve their goals.  Without the right strategy, however, I would rather turn the listing down now versus letting you down six months from now.