Go to your listing agent right now and DEMAND that they take an honest look at the list price of your home.  Then hold them accountable for the marketing plan they presented to you at listing (if there was one...). It may be the single best thing you can do to get out of where you are and into where you want/need to be.

Alot has been said by the PR people at  NAR (National Assoc of Realtors), UAR (Utah Assoc) and WCBR (Wash. County Board of Realtors) to minimize the public's feelings "being hurt" about the current real estate markets. I can understand why they do this, and for some time now, it's been really tough to figure out just "how bad" it really is. 

I can't quantify how "bad" or "good" it really is. That is pretty subjective and will feel different to each buyer or seller. What I can say is this: 

#1 - there is ALOT of inventory and everyone knows it.

#2 - some people have to sell their home sooner rather than later

#3 - as long as there is air to breath condition #2 will exist.

#4 - every time a seller has to sell, even at a deep discount, it causes prices to go down, period.  

#5 - in every real estate market there are ALOT of sellers who have to sell soon.

We are working with mulitiple sellers right now who have left their residence empty as a result of a job change. There must be hundreds of spec homes sitting empty with huge monthly interest nuts. What is the best solution for most of them? Drop the price. Sounds cruel, doesn't it? Well when the fish aren't biting you've just got to lower than line to deeper water where the fish are, right?

On countless occasions I've heard "I'm not willing to GIVE my house away." Working in the trenches, I've come to learn that "giving a house away" doesn't really exist. Buyers determine value, both in hot and cold markets. Many say that sellers were "naming their price" during the boom. They were, but BUYERS were determining if that was ok, and they did.

When the price is right, they buy. When it's not, they don't.  I mean, if a gallon of gas goes down to $1.50, do you expect the Gas Stations task for $2.00? I doubt it.

Sellers- it's ok to sell right now. You can't control the market, you can only make the best decisions for your family, and if that is a decision to move, then do so. However, if you just want to "see what you can get", don't waste your time, or your agent's, or muddy the pond any more than it already is.  

Buyers - yes, you can buy now. Prices are at or BELOW 2005 levels if you can believe it. "But what if they go lower?" They might, but I suggest the prescription above - make the best decision for your family.