One of the best ways to get a house sold quickly is to make sure that the price is right. Sometimes people can do many other things right--including fixing flaws and picking the time of year when most people in their area are house hunting--but if the price is too high, they may not get much interest. Over the years selling Annapolis real estate, it has become clear that sometimes an owner’s sentimental feelings about their home can cloud his or her thinking when it comes to setting a price.
The New York Times recently observed that:
The challenge seems to lie in accurately assessing what factors might make a house less than immediately salable — and in knowing just how much money those negative factors should chop from the price tag." (In House Pricing, Own Up to Flaws)
This is one way to look at it and they make a valid point. There are a lot of great houses out there, but even the best houses have their flaws like an obstructed view or being too close to a highway.
When you examine this issue from the other side of the spectrum, you also have to ensure that you do not add too much for the price for what the owner believes to be wonderful improvements. For example, some of the home theaters and "man caves" that are still popular are not in demand the same way they once were.
Part of what I do as a Maryland real estate agent is to help owners look at the pluses and minuses of their homes. Rather than list only the things that can detract from the price, it is helpful to also note the assets that a house has as well. Setting a price involves factoring in what is great and what is not-so-great about a property.