Price Your House to Sell, Not Sit
Too many people overvalue their homes, and it is a costly mistake. The initial flurry of interest in a new listing - during the first two or three weeks on the market - usually determines how much it sells for, and how quickly.
To flatter you and gain the listing, some real estate agents will tell you your home is worth more than it is. Protect yourself by getting broker market opinions (BMOs) from at least three real estate firms. It will save you time and money over the long term.
Overpriced homes languish on the market and make comparable properties look good. They're the ones that will sell - at your expense. When you're forced to drop your price, you look desperate and in a poor position to negotiate when you finally get a bid.
An initial asking price just above market value generates the most interest from Realtors and qualified buyers. Buyers expect to counter offer. Allow yourself enough room to make a counter-offer, and your home will sell at the right market price.