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When Trying to Sell in Today's Market - Price It Right !

With homes sales slowing and prices plunging, there's little doubt that selling for a good price in today's market is going to be tricky. The median existing home price dropped more than 7% last month compared with the same month last year, according to the National Association of Realtors. So if you try to ask as much for your property as your neighbor got six months or a year ago, you're going to turn off potential buyers. Instead, price your home conservatively by looking at similar houses currently on the market, says Michael Corbett, author of "Ready, Set, Sold!" Also look at the homes that aren't selling. Chances are those owners priced their dwellings too high, he says.

"If you really want to stimulate a sale, you should underprice your property by just a hair," says Susan Singer, a New York-based real estate broker with Corcoran. Just shaving a few thousand dollars off can generate more foot traffic and create a buzz.