I am a realtor in Wisconsin hoping to build on our lot later this year in TV. We were blest and sold last August without officially being on the market.(I quit being lottery tickets after this closed!) I subscribe to a real estate economist to provide data and information on our local market. The attached link is from his website. It is importnat note markets are local and understanding ramifications to your price are crucial. Our market west of Milwaukee has been been very busy in January. Our office of about 70 agents is about 6-7 million ahead of last January. Low interest rates have got people out buying. While getting the most for your home is dependent on condition and competition, price is king! If your agent gives you a number that is far below your expection look at the data and believe unless you want to be in the same house 6-8 month from now. The other reason to get it out there is Shadow inventory - homes in the foreclosure process. If you see No Trepassing Signs on the windows and no for sale sign on the property it is shadow inventory. I recently had one next to my listing in a nice neighborhood that came on 100k under my listing. We sold mine but everyone commented on the house.
Here is another link -
http://www.keepingcurrentmatters.com...lingaHouse.pdf
Shadow Inventory by State
Most agents can put together an absorption report to show how many months of inventory by price are on the market. 6-8 months is a normal market.
Good luck and listen to your agent! Always happy to provide advice PM any questions.