Marketing in a Down Market

There is no question that the real estate market has been hurt by the foreclosures and short sales. Even in our region where there are fewer than most others, the low end of the market has decreased, and that hurts average pricing. For those who are pressed to sell, there are some simple protections from the deep dipping buyers who want to get the place at a low number-just say no!
I have seen two transactions in the past year which I believe were under-priced, and therefore undervalued.  Realtors may be hard pressed in this market, too, and may want a quick sale when it can be had. However, when a high quality property is marketed in its first stage at a low price and sells quickly, the ramifications trickle throughout the market, and it hurts the whole neighborhood.
Quality properties can me measured by location, condition, and now energy savings enters into the mix.
If an owner has invested a great deal in making their property efficient, renovated it with high quality fixtures and finishes, taken pride in its maintenance, that owner should not be afraid to seek a bit more in a limited supply market. The high quality properties are mostly off the market now. Supply and demand is still at work. We here in the River Villages and Scarsdale are still in a limited supply market when it comes to excellence in condition.