Without investigating past sales in the local market, sellers tend to base their prices on hearsay or on the listing price of the house down the street. Knowing the prices of your competition is important, but in many markets, listing prices are not a good indicator of what your home will actually sell for.

If you ask several listing agents how much they think they can get for your house, and one gives you a significantly higher bid than the others, be cautious: the agent may be trying to “buy” your listing by suggesting an unrealistically high asking price. Such a practice is unethical and costs you time and money, as you will most likely have to slash the price after your home sits on the market unnoticed for many months.

You’ve likely spent a lot of time, money and energy transforming your house into your home, so it is natural to be emotionally invested in its sale. Unfortunately, buyers won’t have the same sentimental feelings for your home as you do, therefore, what you think your home is worth, should not be a factor in determining your listing price.

First impressions are very crucial when selling your home. The first 10 days after you implement a listing into the MLS are the most important because that is when it is going to generate the most activity.

If your home enters the market overpriced, there’s a good chance, many buyers will overlook it from the get-go because it will be out of their price range. By the time you choose to reduce the price to fair market value, many potential buyers will have already found something else. Other buyers may initially be interested in your newly lowered price, but they will also see that your home has been sitting on the market for a fair amount of time, which could lead them to believe there is something wrong with the home.

Sellers who aren’t in a hurry, often decide to test the market by listing their homes at a higher price and waiting to see where the market goes from there. But in most markets where home prices are dropping, waiting it out may actually cause you to lose money.

It is key to price properly right away because you have a greater chance of selling if you are just on the market. Everybody wants something that is brand new, has not been shopped around, and not on sale.

If you list your home too high to begin with, you may find yourself having to make incremental price drops but never quite catching up with the market.

For instance, the sellers insisted on putting their property on the market for $1,250,000, despite the fact that comparable homes in the neighborhood were selling for around $1,225,000. After four months had passed and without any showings, the sellers finally decided to decrease the price to $1,225,000. However, home values had declined significantly during those few months, so the reduced price was still four months behind the market. Since then, the sellers have been reducing the price on the home about every three months, but never catching up with their competition.

When a home has had multiple price reductions, it appears not only to be stale, but that there’s something wrong with it.

Price your home based on a comparative market analysis, a report prepared by a real estate professional that looks at recent sales of homes in your area that are similar to yours. For a fee, you can also get an estimate of your home’s value with a professional home appraisal.

Always interview at least three agents and choose one who can back up the suggested listing price with comparable sales data.

Stay objective during the pricing process by focusing on statistics generated by the CMA. Do not be personally offended by lowball offers. Instead, think of them as the starting point of a negotiation that could result in a sale.

Price your home correctly the first time in order to gain the attention of serious buyers and therefore, sell faster. If getting less money for your home is not an easy thought to bear, consider all of the costs associated with homeownership that you’ll have to pay if your home sits on the market for several months at an unrealistic asking price.

Sell your home faster and possibly for more money by pricing your home based on current home values.

List your home competitively to begin with. If you don’t get any bites, don’t hesitate to lower your price. Work with your agent to reevaluate market conditions and determine the fair market value of your home.

You need to realize where your heart is, in terms of property investment. What, where, and how to buy an investment property are the questions that need to be answered before you sign on mortgage papers.

I am a licensed Realtor so I have access to the database to help you find the right investment property.

Before choosing the right property for your investments, you need to meet up with a mortgage broker to determine what you can afford. Finding the right mortgage broker for the best rate will help get your finances in check. Choosing a bad mortgage can cost you thousands in taxes and interest. Don’t have a mortgage broker? I have dealt with enough of them to steer you in the right direction.

Most of the time when somebody buys an investment property, there are deficiencies that need to get done before a tenant moves in. Sink is leaking, heat is not working, the kitchen sink is clogged and these are some examples of what happens in rental units. Having a right contractor (who does not ask you for 50% up front) on hand and ready to work is crucial.

Where and how you advertise your property really does matter. Basically, the question is, where are you going to find a qualified tenant. It is easy to find a tenant but to find a good one who will actually pay on time is sometimes a challenge. But don’t worry; I can help you with that.

Choosing a right tenant is crucial in your overall property investment strategy. You have to know the landlords and tenants rights when it comes down to tenancy. You have all heard stories about somebody not paying rent for 3 month and nobody could do anything about it. Well, I can tell you, there are things in place where a tenant, who does not pay, is evicted in less than 3 weeks.

Trust me; there will be issues with your rental properties. Roof if leaking, faucet has broken off, dryer does not work, light fixture has come loose, heat is not working. You have to have a team in place so you can call somebody immediately.