Have you had your house on the market for months without an offer? Are you frustrated by the lack of response to your advertisements, open houses and hard work?

Very often, it all comes down to one word: price.

According to many experts, there are currently more homes on the market than there are buyers. This means buyers get to be picky, and they’ll be expecting a good deal.

Homes that sell quickly have one big thing in common: they’re priced competitively.

How can you be sure your home is priced right? Here are some things to keep in mind:

1) General Market Conditions
Home pricing is a matter of supply and demand, which changes with market conditions. The completed sales and active listings of comparable properties in your area (key: within the last six months or less) will give you a good idea of how things are going.

2) Specific Competition
You’ll want to research homes within one-quarter to one-half a mile away. Perceptions and desirability matter. Pay attention to physical barriers and neighborhood dividing lines such as major streets, highways and railroads. Identical properties vary widely by location price-wise.

Also, compare homes with similar square footage (more or less 10 percent), at similar ages. Is a neighborhood home listed for $40,000 less than yours? Think like a buyer and determine if your property has enough features to make that financial investment attractive. If it doesn’t, you’re overpriced.

Pricing your home to sell is a matter of balance, dictated by location and market demands.

Inaccurately high prices result in disinterested buyers and complicated and incomplete sales. Grossly low prices host similar disinterest, running the added risk of selling yourself short without maximizing profit. Take time to research comparable properties and to study home markets to ensure that your property is priced for a quick and fair sale for all involved.

For more information, see Buy Owner Blog article “The mistake you can’t afford to make.”