There is a real estate fact that every seller should know – the true determiners of price are the buyers, not the sellers. Overpricing your home in an area of high demand is like giving away money.

It’s basic human nature that homeowners provide a highly optimistic value of their home. There are many factors influencing this including emotional attachment, which widens the gap between the perceived value and actual market value.

Homeowners tend to arrive at a sales price by comparing neighboring properties sold within the last year and adding updates and repairs they have made. Other Influences on pricing come down to basic financial needs such as required down payment for a new home or funds needed to break-even on the property. Most recently many consumers are relying on online products like Zestimate, Tax records and others, which do not make a true apple-to-apple comparison for valuations.

Removing the emotion as the owner is very difficult. Using the knowledge of a real estate broker when setting market value for your home is a must. When listing, a thorough CMA (Comparative Market Analysis) zeros in on the market price. You do not want to miss offers from potential buyers during the initial days of marketing. The longer a home stays available on the market the likelihood of giving deeper discounts increases. This is because every day the home remains unsold it becomes less valuable in the minds of buyers.

Dee Owens at ReallyONE.com has seen many homeowners refuse first offers only to see them eventually accept a much lower offer weeks or months down the road. “The emotional attachment is very difficult to overcome”, she says. ReallyONE.com is a real estate company that provides a comparative market analysis, which evaluates your home based on factors that add value to the buyer and justifies the market price. An experienced and knowledgeable broker will make sure that the price offered is competitive and realistic, offering a higher rate of return to the seller.