These are some things you should carefully consider when selling your home:

How will you select a REALTOR®?

A REALTOR® has no control over the market, only the marketing plan. Never select a REALTOR® based on price! Select a REALTOR® based on the company they are associated with, their individual competence and all of the services they will provide for you. A REALTOR® has no control over the local market. Choose your REALTOR® first, then discuss your listing price and commission fees. Do not encourage agents to up the price of your home just to get the listing. You need a good competitive market analysis and candid feedback so you can price your home so it will sell in your time frame.

Expired? Out of Range Prices?

Did you know that up to 35% of all the homes on the market never sell? Why? Probably because they are priced too high for the present market. If you price yours in this same bracket - your's will also expire and end up not sellling. Examine the number of days the home has been on the market = if it is a long time usually the home is priced too high. Solds = here is where your competition is! These are the best evidence on which to base your price. Look for homes similar to yours and you should be able to come up with the correct price for your home. When a REALTOR® uses the MLS system a range for your home is entered in the search. It must be priced correctly or the wrong price attracts the wrong buyers and the right buyers won't see it.

Time?

In the real estate market prices rise and fall over time. A slow sale market will mean pricing is far more crucial to your sale, you want to catch the buyers attention and sell your house - not let it set there. In an up market (fast sales) you can afford to play with the price somewhat. Consult with your REALTOR® to see what your present market conditions are. By the time an overpriced home is finally reduced to the correct market price the "days on the market" may reflect on what the buyer is willing to offer, they may think it has been on the market for too long and something is seriously wrong with the house.

Neighborhood - Area

The homes surrounding yours whether they are in Plainwell, Kalamazoo or Portage,play an important part in pricing your home. If yours is the largest home on the block - you may not get as much for it as you would think is appropriate, likewise if yours is the smallest on a block of huge homes - it may price out a little bit higher than if it were surrounded by homes of the same size. Also you must have your home in it's best possible condition in order to sell.

Reasons for Overpricing

Over improvement =Improvements should be made for enjoyment, not just for resale. You cannot add an item to a home, select it to your style, use it, then expect the buyer to pay the original cost.
Need =An owner's need for money does not increase the value of the home.
Values are location specific. High values in the destination do not increase the value of the existing home.
Buying in higher priced area = Chances are you paid market value. It's not price that was too high, but a market that has experienced subsequent change.
Lack factual data = Base your opinion of value on recent documented sale prices.
Bargaining room = Buyers may offer low, but they will do that at ANY price. It is easier to negotiate up to fair market value than to an inflated price.
Move isn't necessary = Even if the move isn't urgent, it is important to price correctly to preserve your maketing opportunities when the move becomes urgent.
Coporate buyout = Third party companies purchase thousands of homes a year so the offer you receive is usually market value. Market your home very close to that price.

Couldn't we try just for a couple of weeks?

The majority of activity on a new listing occurs in the early period of marketing. This happens because REALTORS® maintain an inventory of active prospects that have been cultivated over time. When a home is newly listed, REALTORS® arrange for prospects to see it. Once this active group has seen the property the showings decrease to only the new buyers on the market. For this reason it is imperitive that sellers have their homes in the best condition and at the best price for the first exposure to the market.

Benefits to proper pricing

Faster sale = when your home sells faster, you save carrying costs, mortgage payments and other ownership costs.
Less inconvenience = if you've moved before, you know the energy it takes to prepare for showings, keep the house clean, alter your lifestyle. Proper pricing reduces this.
Exposure to more prospects = at market value, you open your home up to more people who can actually afford the price.
Increased salesperson response = when salespeople are excited about a home and its price, they make special efforts to contact all potential buyers.
Better response from advertising and sign calls = ad calls and sign calls to REALTORS® turn into showings when the price is not a deterrent.
Attracts higher offers = when a home is price right, buyers are less likely to offer low out of fear of losing a good home.
Means MORE money to sellers = if a home is priced right, the excitement of the market produces higher sale prices. You NET more both in terms of actual salr price and in less carrying costs.

Some questions to help you analyze your pricing strategy:

Am I selecting a REALTOR® on services or price?

Is the local market rising, falling or staying even?

Is my opinion of value based on the actual neighborhood sale prices?

How many homes in this area are competing against mine right now? How does mine compare?

Have any neighboring homes been on the market too long? Why?

Is my home consistent with, larger or smaller than the surrounding area homes?

Which improvements have I made since purchase that will actually increase value? Which improvements won't?

Are my financial needs influencing my asking price?

Is my original purchase price influencing my asking price?

Am I willing to price right and stand firm?

Are the benefits of moving important enough to price my home at the market value?