Tampa, FL - Home sellers... think hard before lowering your price!  Today's real estate market is fraught with uncertainty on many levels.  One of them is pricing strategy.  I suggest you do some homework before lowering the asking price of your home, (this does not apply to short sales and foreclosures).

How does your home stack up relative to other homes that are competing for similar buyers?  Is it larger?  Smaller?  Does it have nicer finishes (i.e. Granite or Marble vs. Formica)?  Has it recently been renovated?  All these things count for buyers, and any one might make a buyer willing to pay more if your home compares favorably.  For more on value, please see: http://www.prettydogrealty.com/Value.

Another area to research is the amount of traffic competing homes are getting.  If they are priced similarly, or lower, but they also are NOT getting much traffic, then price may NOT the problem - unless all these homes are overpriced, which is not likely.  It could just be the current market conditions - NO BUYERS, period - which certainly will change over time.  So, the next thing to consider is time... Do you have some?  Or do you need to sell quickly.  If you need to sell, price may loom larger in your decision making process.  But if you are not being forced to sell, and the quality (value) of your home compares favorably to competing homes in the area, and if others are not getting any more traffic than you are, it may be a good idea to hold your price until one of these factors changes, which could indicate its time to reassess.  It's a dynamic marketplace and there's no telling when things will change!