The most difficult question facing sellers is how to determine the correct asking price. No perfect formula exists to determine the exact point at which the seller can maximize his profits without pricing himself out of the market. The question is further complicated by the emotional attachment of the seller. Even so, with a little work, the Realtor and the seller can arrive together at a balance point between the greatest profit and marketability.

1) The process begins with a careful review of the data. Unfortunately, there can be so much information available that it can be confusing. Identical homes in two different locations, for example, can command very different prices. A good Realtor will help the seller navigate the maze of data and understand why the variations exist. An engaged seller will consider the reasoning behind the price decisions.

2) Continue with a walk-through. By walking through other homes on the market and comparing them to the home to be sold, it is easier to see details that contribute to the price. This is also a good opportunity for the Realtor to discuss neighborhood features, schools and other local factors that attract buyers.

3) Create an atmosphere conducive to a bidding war. This is a two-stage process consisting of appropriate staging and bringing key selling points to the forefront. Staging includes scrupulous landscaping and cleaning and may represent a financial investment. The highest price homes offer curb appeal, are completely devoid of clutter, both inside and out. It is important to pay attention to small cosmetic details like plumbing fixtures and ceiling fans. A beautiful home demands a higher price. The descriptions must include some of the details that made the seller love the home that might escape the notice of a casual observer.

4) Sever emotional ties. Nothing can distort the sellers idea of the value of the home more than the love for the changes they have made to it. It is difficult to accept that someone might want to pull up the prize-winning roses or replace the tiles in the kitchen. One way to overcome the attachment to the house is to focus on the adventures it will finance, whether for a new home or other investment.

Setting an appropriate price may be one of the most challenging aspects of the Realtor/seller relationship. Handing the process well will help build an effective partnership throughout the sale.