" How much above the appraised value of your home should you ask when selling ?"

The most important factor when selling your home is the asking price. All the marketing in the world will not sell an over-priced property.

A good real estate professiona will prepare a detailed Comparative Market Analysis (CMA) for you. He or she will explain the process of establishing market value. Pricing a home to sell quickly is a process.  In a down market that's constantly changing, this can sometimes be difficult.

New listings almost always lose their appeal after the first month of showings. A listing can become "stale" on the market if your home is over priced. If you're not getting showings or offers, the probability that your selling price is too high is almost always the cause.... your home could become stale.  Potential buyers will also compare your home to others that they are looking that might be more in line with what a buyer is willing to pay. If you're not getting showings or offers you probably should review your asking price with your real estate professional.

If the appraised recommendation is based on recent comparable sales you should consider pricing your home not more than 3 to 6 percent above the market value. This can give you some room to maneuver during negotiations. However, it can also cause some potential buyers looking closely at their budget (top end of their budget) to not view your listing.

In major metropolitan 'hot' markets (where the demand is high), pricing slightly below market value can sometimes be a successful strategy in that it can attract mutiple offers creating a bidding situation and drive the price back to the market vlaue or even above.  The caveat: "know your market" when going in this direction.  It's wise when selling in a hot market to seek the advice of several real estate professionals. Find out if it's a seller's market.  If you want to sell your home quickly make sure you come up with a listing price that will attract the highest potential buyers.  It's about getting your house SOLD at the right price that leaves both seller and buyer happy.

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