Everyone wants to get the best deal for their house, so why not just price your house high and hope for the best? After all, you can just bring it down later, right?

Well, there are a few problems with that. If you price high and then slowly start bringing it down…and down…and down…buyers are going to notice. It makes that home start to seem like it is cheapened goods. You want your home to appear like a deal, but when it sits on the market for an extended time because of overpricing, buyers wonder why. Would you feel urgency as a buyer if you read that a property was listed 180 days ago? Probably not.

To set a realistic price, consider these tips:

  • Research! What have houses like yours sold for when the deal was made in a reasonable time? And what were the original prices of those homes?
  • Have an honest conversation with your real estate agent. She knows the area, and wants to sell your home as quickly as possible for the most competitive price.
  • Be an assertive seller, but don’t overplay your hand. Remember, the little extra money you hold out for may not be worth the six months or year of mortgage payments you’re stuck paying in the meantime!

Source: RE/MAX