Establishing an asking price is a seller's most critical decision. These pricing dos and don'ts can mean the difference between a speedy sale and a listing that lingers.
Don't believe everything you hear – or read. Every market's different, so ignore what the headlines, that know-it-all neighbor, or the armchair agent at work have to say about home pricing or what your home is worth. It's highly unlikely to be relevant to your particular property and location.
Do investigate your local real estate market from a buyer's perspective. How much are properties similar to yours (in age, size, condition and amenities) listed for? What could buyers get for the price you're thinking of asking? Checking out the competition can be quite the eye-opening exercise for sellers.
Don't make it personal. When it's time to sell, it's time to start thinking of your property as a product, not your home. Its sentimental value to you has no business factoring into your asking price, nor do your financial needs or what you originally paid for your property.
Do work with a professional real estate salesperson, and ask to see a Comparative Market Analysis. A CMA is a tool real estate reps use to help establish a competitive asking price for your property based on comparable-sales statistics they're able to gather by accessing the MLS®.
Don't overprice. Even armed with a CMA, many homeowners insist on overpricing. Overpriced listings generate less interest in those critical first two weeks, spending more time on the market, and often becoming stigmatized. This can end up being more costly to sellers than simply pricing competitively from the get-go.