Trying to sell a home in this market is a bit difficult. If you are going to sell, you have to be prepared to lower your asking price — and maybe even accept a loss. That is a lesson that basketball star Shaquille O’Neal has learned as he has tried to sell his Miami mansion over the past year. He finally did sell, for $16 million — which turns out to be less than the $18.8 million he paid for it. And significantly less than the original $32 million asking price.

In the current housing market, there is a glut of homes. Even high end luxury homes are seeing some increased supply. And that means that the buyer is at an advantage — especially if the seller has to move. If you want to sell your home, but don’t want to take a loss, you might consider renting it out. This is the solution that many take when they have to move. They help offset the cost of the mortgage on the home by renting it out. Then, when the market recovers (which may not happen until at least 2012), it is possible to sell for a better price.