What should a seller consider when setting a listing price?

Setting a listing price is one of the most critical aspects of selling a property, and considering market trends and property condition is essential. Market trends provide insight into how supply and demand are influencing property prices in a specific area. This includes understanding whether the market is currently favoring buyers or sellers, the typical time properties spend on the market, and recent sales data (comparable sales) for properties that are similar in size, location, and condition.

Equally important is the condition of the property itself. A well-maintained property with recent renovations may command a higher price than one needing repairs. Recognizing the condition can help the seller adjust their price to reflect the true value of the property based on physical attributes and buyer expectations. Factors such as curb appeal, interior condition, and any unique features also play a role in valuation.

While other considerations, such as the original purchase price and emotional attachment, might influence a seller's thoughts, they do not provide an accurate reflection of current market realities. Emotional attachment can skew a seller’s perception of value, often leading to an inflated price that doesn’t align with market behavior. Similarly, the original purchase price may not account for changes in the real estate market since the time of purchase, making it less relevant when