By Jim Droz
Market value is a tricky number, especially in these up-and-mostly down economic times. Comparable-sales data doesn’t always provide a good guide to a home’s value, which makes setting an asking price a moving target in some instances.
Nearby homes that have sold in the past six months or so might be different from yours in appearance or condition, and there might be too few recent sales to get a proper valuation. That being said, you won’t have much chance of getting a premium price on a cookie-cutter condo if identical units have sold for less.
As a seller, you have a right to ask for whatever price you want, which you can drop if no one bites. You could get lucky, but asking too much involves a number of risks, even if you’re just “testing the market” for a few weeks or months. More often, though, pricing your home too high works against you in some important ways. Here are three: