Determining the best price is key to getting the most money for your house

Many people don’t realize that a realistic asking price is key to selling your home quickly and for top dollar. The drawback of starting too high and then reducing your price at a later date is that it could take longer to sell and you could actually end up helping to market other, similar homes.

Consider this: Marketing real estate is really no different than say marketing a loaf of bread.  It is easiest to sell at the highest price and you attract the most and the best buyers when that loaf of bread is hot and fresh. When it becomes stale the price is normally reduced and it moves to the reduced section of the store. The buyers that look in this section are usually looking for a bargain.  When the bread starts to become moldy, it goes in the discount bin at the front of the grocery store with the rotten fruit and you don't get the best buyers looking in that bin.  

This is an exaggeration of course but the theory is the same and I see it all the time when people start too high and don't correct the price quickly enough. If you price it too high, the home could become known as an overpriced listing and sit on the market for weeks, even months.

Successful Realtors’ spend a great deal of time keeping up-to-date on current market values to ensure that a recommended listing price reflects recent sales and current market conditions. As the seller, it is important to take a realistic look at the difference between the price you want and the actual current market value of the home. Determining the best price, will ensure a successful sale.