Properly Pricing Your Home for Sale 

Since 2008, the Greater Seattle real estate market has seen declining prices.  It's important for home sellers to understand that supply of homes remains higher than we've seen for nearly 10 years, and that they should be willing to be competitive with pricing and have a solid understanding of the unique features of their home.

After attending a seminar on market activity in early 2009, I designed the chart above, which is representative of how a seller should price their home in relation to similar properties in their area.  Price on the highest end (top right), and chances for sale will be low.  Price just a bit above market price when there are many other homes that may be a better deal and it'll get passed up.  The house 2nd from the left is in no-man's land:  too high to be taken seriously, and not low enough to compete with comparable houses in the area.  It may get a lot of showings, though, from agents that want to demonstrate to their clients what the pricing boundaries are for the area. 

In this market, buyers are looking for good homes that represent great values.  For a seller that wants top-dollar, patience and a solid property are a must.  More often than not, though, sellers in this market are highly-motivated to sell, so pricing correctly is key.