The US real estate market peaked in 2006. Since 2007 prices have declined, yet many sellers are still in denial about the market value of their homes. Some sellers still struggle to accept the reality of today's real estate market, whether they bought at the peak or bought decades ago. Other homeowners will admitt that home prices have dropped over the last five years but emotionally can't accept that their home has lost any value. It can be hard for homeowners to distance themselves emotionally from their home when it comes to pricing it to sell. Yet this is exactly what sellers need to do so that they can make rational decisions about a list price that will actually result in the sale of their home.
The list price of a home should reflect similar listings that have sold in the same area that could be considered comparable. If a seller is emotionally wrapped up in their home, as many are, this exercise can be very frustrating to say the least. Many believe homes that have sold aren't as good as theirs yet in reality most are.
Another mistake I run into frequently are sellers who want to list their home based on what they want or need to net from the sale. Understand this does nothing to motivate a buyers to pay more than the home is worth. Buyers pay market value and simply won't overpay in today's market.
The best approach to selling your home is to find out what buyers are looking for in your area and see how your home matches up to their expectations. Today's buyers are looking for a home that is well-located, in good condition and is priced right for current market conditions. If the home needs work done to compare with the competition, do it before selling or discount the price accordingly.
For results a seller needs to be realistic about the current market value of their home and what preparation it needs in order to sell successfully. A professional Realtor can help evaluate the current market value and suggest cost effective improvements to help you maximize your selling price while getting your home sold.