I just sold a 48" Woods M4 brush hog this past summer. It's an interesting size, being so much less common than 60" or 72" cutters.
For the guy with a small compact or larger sub-compact, it's the perfect size, and they've been hunting for one on the used market forever without luck. When they find you, they'll be hot to trot.
But as noted, those guys are fewer and farther between than those hunting 60" cutters. So, you're going to wait.
It's not about price, I'm not sure why anyone would think that. You either have a tractor that requires this size, or you don't have a tractor that requires this size. No one who could run 60" or 72" is even looking at 48"... it's not about price.
Wait until spring, and advertise as widely as you can. When the right guy sees it, it will be sold, but until you find that buyer...
I think I was asking $700, and buyer offered $650. Sold. Unit was from the mid-1980's, and had been clearly left outdoors many years (decades?), but I had cleaned it up, welded new skirts onto it, repainted, and redid all the gearbox seals when I bought it a few years ago. So, it actually looked pretty good, and was a solid unit, despite being 40 years old and showing some scarring thru the paint on the top from old rust pitting.