Real Estate Pricing Trap 1.

This can be a BIG trap!

Many homeowners price their home based on what some other homeowner is asking down the street. Your neighbor can ask a million dollars, but it doesn't mean to say they'll get it. The asking price is NOT the selling price. Base your price on what the market will stand, not on some ridiculously inflated price that some neighbor might be asking.

People tend to exaggerate when talking about the fantastic "deal" they pulled off. It's an ego thing. So, be wary if a neighbor tells you they sold for ________ dollars. Work on facts, not fiction.

Real Estate Pricing Trap 2.

Forget about what you paid for your home - it has no relevance to the current value or what it might realistically sell for in today's market.

Real Estate Pricing Trap 3.

Take care valuing your property based on your Tax Assessment (sometimes called Rateable Value), plus some magical percentage added on for good measure. Depending on where you live, Tax Assessments can be quite different from the true market value.

Real Estate Pricing Trap 4.

What you "want" or might "need" in monetary terms from the sale is irrelevant. This has no bearing on the market value. A buyer will not be interested in your personal circumstances. Your home is only worth what someone is prepared to pay for it, which in most cases will be the true market value.

At the end of the day, price will determine how quickly your home sells.

If you need to sell your home in a hurry then, in most situations, you will need to price it at or below the market value.

If time is not so critical, then you can try to get full market value or above.

A good real estate marketing campaign can only do so much. Price will determine how quickly your property sells.