You want me to list my Champaign home for what?!?! 

I know, you've heard someone say this type of exclamation at least once, somewhere before.  Unfortunately,  sometimes the price that is given to a homeowner as the"listing price" for their home, is not what the homeowner had in mind.  Many times, a homeowner had a much higher number in mind because of the improvements, loving care and emotional attachment they have developed for the home over the years.  This is understandable, but it is also why you need an experienced, unbiased real estate professional to advise you on this important component of the selling of your home before you put your Champaign home on the market.  Pricing your Champaign home in today's housing market can be very tricky with so many variables to consider.  But it is the most important component and decision you WILL make once you have decided to put your Champaign home up for sale.  This is why your choice in a Real Estate Agent is critical Over pricing your Champaign home is dangerous for several reasons, but the biggest is the simplest....IT WON'T SELL! 

In addition to not selling when you've overpriced it, you've really stacked the deck against you from day one. Selling your home can be an emotional roller coaster.  What your home means to you and how you imagine it, needs to come to terms with the real world and the current real estate market...and that is no more apparent than in pricing.   Everything you are doing at this point is looking at the home to "list" and sell.  That may seem apparent, but it's much harder than it looks. You must take the emotional strings out of the way. You may cherish the color, flooring, or some other "prized possesion", but none of that matters, it's simply black and white.  You are looking at it objectively just to list and sell.                                                                                                                                                           

Just "because you paid a certain amount for your home", or because "it means so much to you", is a sure fire way to stall the successful sale of your property.  Buyers also aren't going to care if you "need to get a certain amount for your home in order to buy your new home".  All the new buyer cares about is paying a fair market value for your home and that there aren't any hidden surprises that are going to come up later in the home inspections. Nothing will blow up in your face quicker than an OVERPRICED PROPERTY!  

In fact, overpriced properties are at the top of the list of the reasons why homes do not sell!

You are free to list your home for any price you choose. However, any exceptional real estate agent will tell you that overpricing a home can lead to serious problems. Some of these include:

*Scare off Buyers- You don't want to miss out on an ideal buyer by pricing yourself out of their category. Rely on the expertise of your Real Estate agent and their knowledge of the local market so that you can maximize your exposure on the market and with buyers while still getting the best price for your home.

* Too much Time on The Market- When a home is priced too high it ends up spending far too much time on the market.  If a buyer decides to put an offer in on the propertythat offer takes into consideration the amount of time the property has been sitting idle on the market.  Therefore it has a negative effect on the property.

* Home Price Appraisal Issues- If you have overpriced your home, and a buyer has agreed to pay the "overpriced" price, you still have to pass the Home Appraisal. If the Home Appraiser comes back with a Market Value that is noticeably lower than the price the buyer is offering, the bank is likely to deny the buyer a mortgage.  Leaving you looking for new buyers.

Best advice....Stay realistic on the home pricing.  Seek out a great real estate agent and listen to his or her advice for pricing your home.  Many good agents will advise you to list a little lower and encourage a bidding war, than to risk all of the problems that would come with listing too high.  Stay realistic with your pricing and you will achieve your ultimate goal of selling your home;  in the shortest amount of time AND with the best possible price.