Pricing your Home
Setting the asking price of a home is a function of studying the market to see what like homes are selling for. Looking at the numbers gives a seller a clue as to what a willing buyer will pay for his home.
Considering the amount of competition is important too. Having a large number of competing homes on the market, makes for a "buyers market". The reverse is true in a "seller’s market" where the inventory is few.
Your price has nothing to do with "need". Yes, you may need a huge downpayment to purchase your next home, but that has nothing to do with the value of your home.
Pricing you home well above the market will hurt it in the long run. The longer your home stays on the market, the stronger the signal is to the real estate community that "something is wrong" with the house.
When agents start working with new customers, they start with the newest listings first, assuming they offer the best odds for selling. The older listings linger longer because the perception is the home is either not in good shape, over priced or the owner is unreasonable and difficult to deal with.
Homes that sell the best are the ones priced within the market, readly available for showings, clean and staged to show.
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