Hi Andrea -- Irrefutable, I totally agree.  Price will always be king in most markets.  The interplay between price and condition is also critical and ensuring the condition is meeting buyer expectations.

I maintain there are three sliders we all work with: Price, Condition and Marketing.  Price has the greatest impact on the time it takes a home to sell, but Condition and Marketing are important as well.  We have listed homes for the exact same price as the previous agent (and in some cases more) but significantly improved the showing condition and marketing through staging and professional photography only to see more traffic and more interest.  If my marketing and stager do their job and there is still not enough interest, it is much easier to go back to the client to try to get them right on price.  At that point, what else is there to improve upon?

Thank you for the tips and I will be sure to pass these on to my agents.

If only ever seller would read and believe this!

Excellent advice, Andrea.  The hardest homes to sell are those that have been overpriced, then after some time on the market, the price is reduced, but by then the listing is stale, and buyers and their agents figure something must be wrong with the house or it would have sold already.  By that time, it becomes difficult to even get any buyers to look at it. 

Pricing is vitally important, and must be approached as a business decision, even though it is sometimes difficult for the seller who values the home higher because of the memories it holds.

Andre, good advice but it is amazing how many sellers do not listen to their agent.

I agree, Andrea... Price is key. If a home is priced right, not only does the seller increase their odds of getting multiple offers, but with multiple offers, they also increase their odds of getting the Best Buyer, who is well qualified, preapproved, has the cash to close the deal, and is ready and willing to close promptly. Homes priced too high run the risk of letting the Best Buyer slip through their fingers while their home languishes on the market for months.

Reblogged and added my two cents:

The Market Analysis IS the test for price. Pay close attention to the results and then price your home accordingly. A good way NOT to get showings and NOT to get offers...price above so there is "room to negotiate."

Some great bits of experience and advise here! It is good that home sellers read this and see the various agents and their experience/advice. These are some basic, important facts you have laid out here and would have any home seller 90% of the way "there" to pay attention to.

Andrea, great advice. Price the home right will surely get the attention of buyers. Thanks.

Some great basics that need to be pointed out.

The three amigos must all be considered:  price, staging and marketing. 

I even try and get an appraisal done BEFORE we list the house. That way the sellers are not arguing with my price... They are arguing with the appraiser. 

Andrea - I couldn't agree with you more. I have one of these listings and I will print this out to reinforce what is said. In February my client wanted to price their home $625K. I said no. In June they were back and we agreed on the second price $589K. We have been listed over 40 days now and I asked to sit down to discuss our "market position". You told me to list this home at $589K and there is no need to reduce".

So, some of these tips maybe will help point out that we talked and they didn't listen.

Our appraisers only go to 3 months sometimes, if they have to, 6 months.

There is a lot of emotion attached. We shall see.

The key here is 'Hire an agent who will base the value of a home on facts.'

If an agent is not providing you with facts, but simply marketing and hype to try and get your listing, that should definitely be a red flag.  

Unfortunately, a lot of people do not learn until they get burned.

Hi, Andrea!  I like this post very much 'cause it's short, sweet and to the point. 

Andrea, thank you for your post. I believe the more we educate clients, the better able they are to make informed decisions. Thank you.

Andrea -Well done. Nicely said and simply put. All the basics in one place. 

Andrea - Great advice...Your paragraph "Choose Wisely" I call that "buying the listing" YUK!

Andrea you nailed it on the head when you tell your sellers not to waste their time on the market when the home is overpriced.