Pricing a house is the most important part of the
marketing process. You want to get as much for the property as you can, but if
you set the price too high, you can frighten off qualified purchasers. Your
Realtor can tell you the selling price of homes similar to yours. Pricing
strategy depends on market conditions, and it is different in a buyers' market
than it is in a sellers' market.
If your home is overpriced, the marketplace will reflect that to you.
When a property fails to sell in a reasonable period of time, you and your
Realtor should have a frank discussion to determine whether too high a price tag
is the reason. Your Realtor will also be getting feedback from other Realtors
who have shown your home. Remember that price is only one factor. You might
consider ways you can make the property easier for Realtors to show or make
cosmetic fix-ups that are needed. You should also discuss the current market
conditions in town. The problem may be some combination of
factors, including an overly optimistic asking price.