Everyone knows the slogan "location, location, location."  But there is a new slogan that any seller should consider, "price, price, price."  You can have a lovely home, but if you are overpriced, you won't sell in today's market.

How do you know where to price your house?  How do you know that your real estate agent has accurately priced your home?  Here are a few tips to guide you in regard to pricing.

Appraisals: Lenders will only allow a buyer to borrow up to the amount a home appraises for.  Your real estate agent or brokerage will have a list of local appraisers. You can also find one on line at www.appraisal institute.org.  An appraisal costs a few hundred dollars, but it gives you a clear idea of the amount for which a buyer can be approved. 

Comparables: What are homes like yours selling for?  Comparables can be found by analyzing homes in your neighborhood that have similar square footage, upgrades, and amenities. If a comparable home sold for $150,00, there's little chance you'll find a buyer willing to pay $180,000 for yours.

Be Competitive: You always want to be the least expensive home in the neighborhood, when it comes to selling, not the most!  A well-priced home is sure to get more showings than a home that costs more than the competition.  More showings mean more exposure, which increases the chances of you receiving an offer.

How Badly Do You Need to Sell:  If you need to move across town, or across the state, then you will have to be more willing in today's market to compromise.  And compromise is all about price when it comes to real estate.   If you want to sell, but don't need to, then you may wish to wait out a down market.

Buyers are savvy. Technology allows them to search the local listings and research recent sales in the neighborhood.  They will know if your home is overpriced.  If you price your home right, on the side of too little rather than too much, you are most likely to find a ready and willing buyer.