In an uncertain market, how do you price your home?

With a robust market in the first quarter of 2010, the last months has proved to be more modest in sales and price growth. With the Toronto real estate market still reacting to the implementation of the HST, and all the media news of a slower economic recovery which forecast to lag well into the next year, how do you price your home for sale?

Some sellers may see that their neighbor lists a similar home for a very high asking price, and assumed that's sustainable in this market, and decides to put out the same price for their own home. Meanwhile, the beautiful homes continue to sit for weeks and months. The fact is buyers are not stupid. Some buyers will not even bother to put in an offer for an overpriced home, simply because the numbers are so far off that they do not want to offend the seller or waste both parties time.

Selling an overpriced home will just mean you will have to lower the price later on if  there are no offers. Pricing your home is as much an art as it is a science. To best determine the price of your home is to look at the CMAs, appraisals and speak to a licensed real estate professional with excellent knowledge of your market.