9 Guidlines on Setting the Price and Attracting Buyers

What is your home worth? Here are 9 guidelines to go by when setting your price:

1. Don't base your price on what your neighbor is selling their home for or what you originally paid for your home.
2. Make sure to examine all the home prices in your neighborhood that are currently for sale, along with all sales comps that have sold in the past six months.
3. When interviewing agents make sure you don't pick an agent just because they said they will list it at a higher price than the others.
4. If you're going to remodel don't go overboard. These costs are rarely recaptured. Keep it simple and cosmetic.
5. Make sure your home is in better shape than it's competition and shows better.
6. Don't get caught up in emotional memories or attachments when setting a price.
7. Make sure your agent keeps an eye on the competition and rechecks the competitions prices every few weeks or sooner.
8. Make sure you aren't being stubborn if your home isn't receiving any offers. If weeks go by without any offers than the price of the home isn't in line with it's perceived value and it's time to talk about a price reduction.
9. In this market it's necessary to be more patient. Buyers are having a tougher time now trying to extract their money due to the tougher standards that lenders have now.