The old rule of pricing your home high because you can always come down doesn't apply in this declining market. Studies show that you'll get more for your home if it is priced right the first time.
The trick is to be realistic about the current market value of your home. According to a recent Associated Press report, there is such a glut of available homes on the market right now that it would take 9.6 months to sell the current supply of homes. Waiting several months to sell a home could leave many recession-plagued sellers in financial distress.
For example, a home with a $250,000 mortgage at an interest rate of 6.5 percent would accrue approximately $15,600 in mortgage payments over a 96-month period. This could be a real financial burden for many.
So what are the rules in this current real estate market? Dan Steward, president of Pillar To Post, North America's leading provider of home inspection services, offers these three tips: