How to set the ideal price?
1) We want to sell the property but there is time, we are in no hurry.
We can advertise the property at market price or slightly higher.
2) We need to sell quickly, time is of the essence.
It is better to advertise the property at a price slightly lower to most comparable properties in your region.
3) We want to lose a lot of time and money.
We set the property at a price far above its fair value by saying there will always be time to negotiate with potential buyers. Potential buyers are there but get discouraged by the high price and do not even attempt to negotiate. They buy another property at a more realistic price. Time passes.
We then become anxious to sell and resort to several price reductions. Potential buyers recognize the house and say, "If it is for sale for so long there must be a problem."
The house is then black listed (so to speak) in its market. It will eventually sell, but at what price? The price will be considerably lower than the owner’s initial expectations.
To sell quickly and efficiently, it is of utmost importance to establish at the outset, the price realistically.
Justify that price and keep it as it is justified.