This is a great to the point article. A similar situation happened to me just recently. I had comped out a house more than 8 months ago. When you look at the current properties that were on the market we were now overpriced. When you looked at past sales from January 1,2008 through last week we were actually under priced..the market was falling right before our very eyes. It is very hard to tell the intensity of the storm when your standing in the eye of the hurricane.
This is from the Sunday Dispatch.
REAL ESTATE MATTERS
In a tough market, best-looking and best-priced house sells
Sunday, October 12, 2008 3:29 AM
By ILYCE GLINK
Q: What do you think of a Realtor who at first told me that my house shows well but now tells me to pack up my clutter and get it out of the house?
I've had my house on the market for five months and haven't had an offer. She also told me that the house I live in is the most frequently sold type in my area. Two couples came through the house and didn't like the floor plan. I think she lied to me. What do you think?
A: I think we're in the worst housing market in more than 30 years. Five months ago, your agent might have thought your house showed well and was priced competitively with other homes on the market.
But in a tough market, your home might show well but not as well as other homes for sale in your neighborhood. If you want to sell, your house has to look the best and be priced lower than comparable homes in the area.
Your house style also might have sold better than others in your subdivision. Just because two couples came through and didn't like the floor plan doesn't mean that your agent is lying to you.
In a tough market, you'll sell only if you stage your house so that it looks like a developer's model home -- then price it lower than just about everything else in the neighborhood.
