Price – above all else, determines how long a house sits on the market.
As you already know, the real estate market (as well as the credit markets) are in a bit of turmoil right now. Now more than ever, it is important to price your home correctly. In today’s terms, this means competitively.
Your agent should have prepared a detailed CMA (Competitive Market Analysis) of homes similar to yours from the last 6 months and shared with you the written details of their findings. Some agents like to pick a number out of the air without doing any due diligence whatsoever. Hopefully this was not the case for you. A good agent will continually pull comparables during the entire course of your listing and share with you how the market is "moving" while you are waiting for offers to come in. This allows you to make intelligent decisions about how your home is priced against the competition and provides a clear barometer if any changes in price are necessary.
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