What does “priced right” mean?  It means the price that, with normal marketing, will sell the property in three weeks or less.  The only exception is the house that is truly unique. 

But wait, what if houses were selling last month for $350,000 all over the neighborhood but this month they are not selling.  Does that mean they are now overpriced?  The answer is yes.  Will they come back to the $350,000 price range next month or in the spring?  Maybe, but for this market this month, it’s not “priced right.” 

In this economy it’s possible that next month or in the spring the price could be less. 

An Agent that I coach had sold seven homes in a neighborhood for prices between $620,000 and $720,000 right up until the summer of 2010.  Between the fall of 2010 and the spring of 2011 she had five others on the market.  None were selling.  She lost one listing to a bank foreclosure.  The bank put it on the market for $549,000.  It sold in a week.  This year four others have sold in the neighborhood; all for less than $600,000. 

It hurt her to see her Clients sell for less than they bought.  For too long she was saying that the houses were worth more and that they were priced right when they weren’t selling.  Her heart is in the right place.  This is not easy for Agents or Sellers.

But let’s be honest and professional about pricing.  Let’s learn the skills, approach, and language required to help Sellers make the best decisions even when they are difficult decisions.