We all have listings that we're trying to sell. I found this article on Pricing that I thought was quite appropriate for the market in which we find ourselves.

Setting the right selling price is the key to turning a listing into a timely sale.

Do have a price range in mind before you go to the listing.
You need to have a sense of where the listing should be priced to guide the sellers.

Don't rely only on comparables to arrive at a price.
Consider supply and demand. Maybe you're in a down market where supply outstrips demand, and you will probably have to list it at a price lower than you normally would.

Do consider sellers' urgency.
If they must move in 30 days because of a job transfer, snagging the highest price may not be a top priority. A lower price may help move the house more quickly.

Do weigh the home's condition.
If floors are scuffed and the place is cluttered, explain that a stale, worn look will negatively affect pricing and the ability to sell.

Do use MLS illustrations.
Show examples from the MLS of overpriced listings. Illustrate the number of times the price was reduced and how long it ended up taking to sell the house. Look for listings-initially overpriced-that eventually sold for less than their worth.

Do ask for a commitment to reduce price.
If you agree to an unrealistic price, you'll know within a couple weeks. Get sellers to agree to a price reduction after a set period-two weeks or so-if you aren't getting traffic and offers.

Do know when to walk.
If sellers are adamant about going with a price you know is too high, walk away.

Build in a price reduction option up front.
At the listing, get sellers to sign an agreement to lower the price by pre-approved percentages if the property hasn't sold in 30, 60, or 90 days.

(Adapted from How to List and Sell Real Estate in the 21^st Century by Danielle Kennedy and Warren Jamison, Prentice Hall.)

Hope this helps.

See you next week.

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