For any properties that have been on the market a fair time (More than 60-90 days) if it wise to re-examine the assumptions that were made in setting of the right price when the property was listed.
A success mindset known as ZERO BASED THINKING is a very helpful method I have found over the years.
Put simply, using the benefit of hindsight “knowing what I now know”, what would I do if I could do it over again? Any price assessment, is always based on what we know at the time, and is of course very subjective.
Given that the market has changed, (Perhaps softening as much as 5-10% in 2011 alone), many owners probably should have a PLAN B.
This would be based on the following;
1) Do I actually want to sell/ move? How strong is my own motivation to move in light of the current market?
2) Does the new market value mean I can buy cheaper?
3) Do I want to rent out my property?
4) Do I want to take the property off the market and try again later (NOTE: This could be anywhere from 1-3 years, no one knows).
5) Do I think a more energetic, fresh approach with a different agent is the right medicine?
Time for a PLAN B?