Video: Don't hold out when selling home

The old-school strategy of real estate sellers crossing their arms and holding out for a better offer will be brushed off by most homebuyers. The National Association of Realtors pointed out that it took four months or longer for homeowners to sale their home in 2011 ... even with half of them accepting less than 90 percent of their asking price.

For a good gauge, have your agent produce the latest comparable sales, including short sales and foreclosures as well as a recent summary of sales prices versus original list prices. But be wary that such information doesn't reflect the homes that failed to sell.