A Lesson from Bob Barker

It's time to get real when dealing with the asking price of your home. Gone are the days when you could woo potential buyers with great views and convenient locations alone. Now a bargain is the bottom line.

Real estate professionals from across the country weighed in on the price issue for a recent Wall Street Journal article. Among the points they raised were that an overpriced home can lead to fewer showings, a lack of serious offers and repeated negative feedback.

San Antonio-based broker Becky Flores says that when you make the decision to lower your price it’s best to do it in one dramatic chunk, rather than in smaller increments.

"A $2,000 price reduction is nothing in the grand scheme of things. Even on a $100,000 house, I'd lower by $5,000 at least, if it isn't moving," she tells the Wall Street Journal.

It might be difficult to face the hard facts about the current market, especially if you purchased your current home during the real estate bubble. But as soon as you do, you'll have a much easier time turning those nibbles into bites. [Wall Street Journal]