I said I was going to do it and I officially did. I listed my house, a townhouse actually, and in doing so I had to decide on a price.
I know my neighborhood and the market conditions here very well. Of course I live here which helps a lot, but I also sell houses here so I stay on top of things. Before I listed it, I had a price in mind based on a thourough examination of recent sales and the current market conditions.
I'm glad I had to do this because one of the benefits of selling my own house is that I get to experience the process from this side. I know where I need to price this house to sell it, so I priced it accordingly. But it was hard to ignore the properties listed by the dreamers who haven't yet caught on to the slowing market; or who's agents haven't told them; or who haven't been warned about the mistake of overpricing, which Susan Pruden points out as Selling Mistake #1:
Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.
In the end, I priced it where I had to because I want to sell, and not just list my house. And of course, I trust the advice and experience of my REALTOR®.
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• Mar. 24, 2006 - I'd say "good luck" Greg
Maureen
[edit to add GREG'S REPLY]
Thanks, Maureen. And I'll take all the luck I can get too!
-gd
Edited by gdisisto on March 25, 2006 at 8:48 am