What your home is really worth....

As I've mentioned before, it is only fair to be sensible with pricing in this market. When I say "fair", I'm referring to agents who substantially overprice their listings and mislead their sellers. This is not a market in which to try to make a killing - it's a normal market in which sellers who must sell for whatever reason should take advantage of the buyers who are getting historically low interest rates on new mortgages.

But there are still some agents out there (more experienced than inexperienced) who think it's wise to take a listing at an inflated price so they have as many listings as possible when the floodgates open. It's not fair to those of us who choose our listings wisely, price them competitively and advise our clients honestly. Why do I have a listing at $375K and on the same street there is a listing for $630K? Is there that much difference in the home itself? It's the same neighborhood, nearly built in the same year and doesn't have many of the fantastic features that my listing does. But an agent decided to tell the sellers what they wanted to hear instead of what they should hear.

As a seller, you should want to know exactly what is on the market currently that compares to your home, what comparables have sold in the last 6 months and how many comparable listings have expired. The market tells us what buyers are willing to pay. It may be necessary to adjust the list price from time to time according to market activity, but that shouldn't be a problem with the sellers if the agent is honest up front about the pricing and does his/her homework.

An aside to agents: It's OK to pass on a listing you don't think you can sell at an inflated price! Clients like the agents who can sell and deliver on their promises; not the ones who have the most listings. Plus, think about the problems you are going to have with an appraisal. You definitely won't be the hero.

If I sound irritated this morning it's because I realize that in this market, we as real estate professionals must work together for a common goal; the satisfaction of our clients. If we don't, no one wins.