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Oh, the Horror!

Subprime Mortgage Mess


Acute pain is being felt by many victims of the subprime mortgage mess. You one of them?

    1. Asking Too Much

    The single biggest mistake folks make is setting their asking price too high. In today's down market homeowners need to price conservatively or they risk turning off potential buyers, says Michael Corbett, author of "Ready, Set, Sold."

    Figuring out how to set the price is tricky. Gone are the days when you can expect to sell your home for as much as your neighbor did just six months ago. Existing home prices have fallen 7.7% over the past year, according to the National Association of Realtors. So rather than looking at how much homes in your area sold for six to 12 months ago, compare prices for similar properties currently on the market. If you see a listing for a house that's sitting unsold for a few months, chances are the owners are asking too much and you'll want to set your price lower, says Corbett.

    Watch our video for more advice on setting the right price.


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