I’ve linked to this site before because its author obviously gets what’s happening in the current real estate market (or because he agrees with me, always a sign of genius). The article I link to is a comparison of the prices of recently sold homes vs. recently expired, unsold homes. Surprise! The latter are priced on average 21% higher than the former. The same lesson applies here, of course.
There seem to be lots of good articles on this guy’s site. Check them out at his main page, The Tucson Foothills ( I like the post entitled, “Don’t prolong the agony” – you’ll never guess what that’s about.