Selling your home? Price it right!

It is helpful to identify your primary goal for the sale.  Is it to obtain a certain price?  Or to sell quickly?  By discussing these with your team of advisors, you will give them a sense of the parameters that are acceptable to you.  This will make for more productive discussions and negotiations with a potential Buyer and their agents.  Also, identify what your bottom line is, and consider giving your agents some authority to negotiate on your behalf.  This way, the negotiation can proceed more smoothly and rapidly.

If your target is a certain price, keep in mind that there also is a cost to holding the property.  Property taxes, insurance, mortgage payments, Homeowner Association dues, utilities, and any other recurring costs will continue to accrue while the property is listed.  Therefore, it is possible to hold out for a certain purchase price, but ultimately end up worse off.

Keep in mind that the question of whether to accept a particular offer is both an economic question and a function of your other circumstances.

If you need to sell your current residence before you purchase another home, you limit your own mobility until closing.  On the other hand, if you do move before you sell, you will need to be able to support both the cost and the time to maintain a second property.  Life circumstances, such as jobs, children, schools, and the like also can increase the urgency of a transaction.  These factors also carry their own costs, whether in money, time, or something else.  Therefore, you should consider the value of all relevant circumstances when you evaluate the offer.