The price of a house is determined by what a willing buyer is prepared to pay a willing seller at a given time and the buyer's decision is based on comparing similar properties currently on the market or that were sold recently.

Research shows that at any given time buyers will shop around until they find the home that suits their requirements. They look, on average, at 14 to 22 properties before they buy. Although they may find more than one property they like they will buy the property that:

• Represents the best value to them and that suits their lifestyle
• Respond to market value and not asking price
• Is newly listed

Buyers are not interested in paying more than the market value for your home

• because you need the money, or
• because the area you are moving to is more expensive, or
• the house has sentimental value because your children grew up there.

Too often houses are priced based on factors outside what the market dictates - thumb sucks, wishes or needs

The initial period is crucial because the most and the best buyers buyers will be brought to your home during the first 3 to 8 weeks of marketing. Therefore it is important that your initial price is not out of touch with the market indication of your property's value. No person can guess the market value of a property and if an agent gives you a "thumb suck" value it could cost you thousands.

The only way to determine current market value is to get a Comparative Market Analysis (CMA) that compares your property to properties that have recently been sold. The biggest mistake a buyer can make is to list with an agent that promises the highest selling price without a market plan. List with an agent who shows you what the market value of your property is in a CMA and who will provide you with a comprehensive marketing plan in writing.

By setting a market related price for your property you ensure that you have the best possible chance of selling your property at the best price in the shortest possible time.