Correctly "pricing a home for sale" is a complcated issue

Correctly "pricing a home for sale" is a complicated issue that needs to be approached with a flexible attitude. Selling a home in this market is a huge emotional and financial issue. It may take some time for the client to accept the fact that their home may not be worth what they may think it is (or want it to be). When you have a listing that you feel is over-priced, it is important to still market it aggressively. If there are no showings in the first few weeks or month, and assuming you have put forth both time and effort to market the home, then it is time to sit down with the client and continue the process of reviewing and understanding market and pricing issues and may be preventing the home from being shown to potential buyers. 

Most sellers understand that the key to selling a home is to get potential buyers "inside the home to see it". Once you get buyers inside a quality home, you can then talk up the value, but the key is to get them inside to see the home. If this is not happening (and assuming the agent is doing his or her best to market the home) then more than likely, the listing price is too high to make it on to a "buyer viewing list". It is then time to sit down with the sellers and re-visit comps and market pricing and adjust the listing price appropriately. Unfortunately, many real estate agents that have listings they feel are over-priced, will not put any time or expense into marketing the home and just let it sit and collect dust. Selling a home is an on-going process and requires honest dialog back and forth with agent and client. Pricing a home is as much art as it is science, particularly in this current skewed market. It make take a little time and effort to find that "right price" that attracts buyers and offers.

The fastest-selling homes are generally those with the best mix of location, condition, likable floor plan, and price. Price is still typically the first thing considered, however most buyers realize that price is not the only consideration. They don't want to end up with a "bargain-priced" home they really don't like, or that is in a community they don't care for, or that does not fit their lifestyle. Fortunately for buyers (and sellers) the current inventory of homes for sale is large enough to find the right home, in the right community at the right price.