How important do you think it is to price your home correctly once you've decided to sell? Are you aware that overpricing can be painful to your pocketbook? Sure, it's simple - an overpriced home rarely sells.

Here are some of the best reasons for heeding the advice of your real estate professional regarding price. First, overpricing a home discourages buyers from even making an offer. They feel that even if the offer is accepted, they haven't gained anything more than a fair price.

Overpricing also attracts the wrong prospects. If you've priced your $450,000 home at $500,000, you'll be attracting buyers who expect to see $500,000 worth of home. When they don't, they'll be disappointed. And, you'll lose your desired advertising response, too, since the $450,000 buyers won't even call.

Another casualty of overpricing will be other real estate agents. Keep in mind that they know and understand pricing because of daily contact with sellers. Once they realize your home is overpriced, it may not be shown as much. Worse, it may be shown to help sell the competition (other houses like yours that are priced fairly.) Finally, if a buyer is located, the lender may reject the loan because of a low appraisal.

Price your home fairly from the beginning. You and your wallet will be glad you did!