Drastic measures taken to move a home in this economy

The real estate economy continues to struggle as the housing market is saturated with foreclosure sales and desperate owners, according to Money Magazine. It has been a full five years since the market crashed and sales and prices are still dropping.

"It's dreadful out there for sellers," Patrick Newport, a U.S. economist at forecasting firm IHS Global Insight, was quoted by the news source.

Experts believe that is order to sell a home in this marker, people need to slash their prices, according to U.S. News and World Report. Listing a home even slightly over what it will sell for is a big mistake, according to the news source. A house on the market will garner the most attention in the first month, so going back and cutting the cost after it's initial listing loses buyers.

"When a property sits, people start thinking it must be listed too high," Ellen Klein, a real estate agent, told the magazine.

Understanding what other homes are listed for allows pricing to be made accordingly. If a foreclosed home similar to the sellers, is listed for thousands of dollars less, that is the property that is more likely to move, according to the news source.  

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