No matter we are in buyers or sellers market, house list price is very important when house hits market initially. I have been in Real Estate business for many years and have seen sellers list their homes for many reasons and motivations.
These are some tips that can be helpful when coming up with list price of your property.
Know the market
It is important to know the market conditions that you are going to list your home in. Ask yourself, ask your Realtor or do research to find out, if it is Buyers market or is it Sellers market? This will help to adjust your price sharply when listing your home
Ask for a CMA
You need an experienced Realtor to list and market your home. Always ask realtor for CMA(comparative market analysis). Even though that number is not what you were hoping for, do pay attention to comparable's and see why that number was derived.
Take Emotion Out
Buying and selling home can be emotional experience. Its best to take emotions out especially when coming up with list price of your home. Buyers who are looking for house are looking for their own needs and as per their requirements, they do not care much what your think about your home.
Actual Listing Price Number Matters
It is really important to pay attention to list price. Let's say you list your home for $505,000, you will miss out on almost every buyer who is looking to buy up to $500,000. That is how online world works, buyers browsing through listings work with rounded numbers. Most likely buyer looking to buy up to $500,000 will do search for properties $400,000 to $500,000. House listed at $505,000 will easily miss out on potential buyers.