I recently met with a homeowner to talk about listing their home for sale.

After talking through the specifics of the home and the current state of the market we came to a disagreement in regards to list price.

They were convinced that they should list for $1.7mm and wouldn’t consider listing for anything less than that.

I let them know that based on the comparable sales in the neighborhood, a list price of $1.3mm would generate the most interest, and ultimately net them the highest possible price.

By strategically pricing the home, and using a marketing system that guarantees maximum marketing exposure, the seller’s are able to get the highest amount of activity and create a situation in which they are dealing with multiple buyers and we end up chasing the purchase price up to the highest possible price.

Unfortunately they ended up listing with another agent, and they haven’t had much luck you. After multiple open house and price reductions they still haven’t sold it and they are currently listed at $1.25mm.

When you have a home that has been on the market for a long time, everyone has seen the price reductions, and everyone is assuming there must be something wrong with it. This is a tough situation for any home seller to work through and it’s one that is easy to avoid if you’re willing to take a strategic approach to the listing price of your home.