What is the worst mistake you can make when selling a home? It’s very simple. When you put your house on the market, you should interview and speak with a number of different agents. Too often, uninformed sellers choose the agent that promises them the highest price for their house. This, in a nutshell, is the biggest mistake you can make.

We all want to make as much money on a house sale as possible. More money means more financial opportunities for us, after the sale. We can pay off some loans, pay off a credit card, move into a bigger home or maybe pay for college. So, it seems best to go with the highest price. But in reality, it doesn’t matter what you think the house is worth, nor does it matter what your agent thinks, or the opinions of 50 agents! The only opinion that matters, in the end, is that of the buyers who view your home and decide what they are willing to pay for it.

The best market price depends on a number of factors that are always changing, while your house is listed. Its part art, part science and part luck of the draw. You’ll need to compare similar properties and make adjustments for the variables between the homes, like condition, location, age and so forth, and then come up with an educated opinion about your home’s worth. If you do that, you will be in essence doing what an appraiser does. This is why different appraisals come up with different numbers, because they are different opinions examining shifting variables. You are making an educated guess, but in the end the market will dictate the price, and that price could be lower than yours, or maybe even higher.

The price is equal to what the seller will accept and what the buyer will pay. If you come in too low, there’s a chance you could be losing money, but you’re house will likely sell faster, because it is “priced to move.” In a volatile market, a low price for a good property should illicit multiple bids, which in turn should drive the price up more towards the actual market price.

But, the real trouble starts when the price is too high. Your house will sit on the market, and if it sits there long enough, you’ll wind up going through a few realtors, before one tells you to lower your price.

For more information on working with your realtor to set an accurate asking price, just fill out the form below and click the “Submit” button. We’ll send you a FREE information package.