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Many sellers refuse to believe how much the value of their home may have dropped. In an upward trend it was possible to list a home above the market with the prevailing prices eventually rising to bring the price in line. In the current declining market we have seen the cases where the home was listed above the prevailing market and the subsequent price reductions still kept the price above market as values fell. Refusing to price for the current market caused them "to ride the market down" and end up selling for far less after an extended marketing period.

Check the sales and listings in your area when pricing your home. Analyze each listing history for price reductions and marketing periods to understand what prices your area will bear whether you are selling by owner or working with a Realtor. In many cases the cost of an appraisal might be the best money spent in order to "catch" the current market and not overprice or leave money on the table from underpricing.