In today's real estate market pricing is everything.  As the market in Tampa Bay continues to decline, or even stabilize, there is no room for mistakes in pricing your home to sell.  Even if a home is priced just a few thousand dollars above the current market, as the prices continue to decline the market is not going to catch up to the overpriced home, or even see it.  When the seller finally realizes that his home is priced too high and reduces the price to close to, but usually just above the market, he is chasing the market and will continue not to be seen.

The best strategy in a declining market is to price the home just a bit lower than the current market.  This will allow the market to "see" your home and is far more likely to bring showings and most importantly, offers.  If you price your home just below the market it won't take long for the market to fall to that price range, and better yet, savvy buyers will find it right away.  This strategy can often lead to offers and a sale in 30-45 days while the overpriced houses sit on the market, being pretty much ignored, for months.

Price it right and it will sell, especially in a declining market.  Price it too high and buyers will not even look.  This will result in your ever so slightly overpriced house sitting on the market, getting shopworn.  Then buyers will ask, "What's wrong with that house?" instead of going to look at it and buy it.

When the market is increasing, being slightly overpriced will eventually lead to people finding your home as prices rise.  It is sort of like trying to catch a train, if you get there early, you can catch the train when it gets in.  However, if you overprice your home you are getting to the station ten minutes after the train has pulled out and you simply have missed the train, or the opportunity to sell your home.