It used to be "location, location, location" in real estate but these days it should be "price, price, price." The game show The Price is Right is a fun show and involves people guessing the actual retail price of a product and if they are the closest, without going over, they are called on stage and get to do another "price guessing" game. The two big winners square off in the "Showcase Showdown" at the end of the show and someone will walk away with some great prizes.
It sort of sounds like our world of real estate, doesn't it? Except that it's not as much of a game to some people. Pricing is one of the hardest aspects of our job and regardless of whether we represent Sellers seeking the "best offer obtainable" from the "best Buyer available" or perhaps the Buyers seeking the "lowest price obtainable" from the best Seller available, someone could feel like they "lost."
I subscribe to a great blog called Live and Play in Chicago and it is written by one of the cities top Realtors, Jennifer Ames. She is with Coldwell Banker Residential Brokerage and she does a fabulous job of breaking down this pricing issue into understandable concepts and terms.
Please check out this recent post called How to Price Your Home in Today's Chicago Market . Don't worry if you don't live in Chicago, the thoughts and concepts are universal.
If you're looking for another blog to add to your daily/weekly "reading list," I'd suggest you add Jennifer's. It always has some useful information and if you ever visit Chicago, you'll already know someone there.