The problem with the price-high-maybe-we'll-get-lucky price scheme is that the amount of time to sell the home can be several times longer than a home that was priced right in the first place. The main reason for this is the supply and demand of your home. Each home has its own supply of buyers. Another way to look at it is that the demand for your home is directly proportional to how close you price it to its Fair Market Value.

You can effectively control the demand for your home and how quickly it sells with the right asking price. If you price the home at fair market value you'll be attracted to 60% of the buyers available for a home in your range. On the contrary, if you price it above fair market value you'll reduce the number of buyers for your home to 10% or less of the pool of buyers for your home.

This figure illustrates that only market value properties appeal to the largest group of buyers. Overpricing your property shrinks the prospective buyer pool by more than 50%. It further illustrates that a property priced just 15% over the market value appeals to none of the property pool.

So, is a high price more important to you than selling your home quickly (or even in a reasonable amount of time)? You'll have to be the judge of that.

As we mentioned to you before, it is absolutely imperative that you price your home at Fair Market Value from the beginning of the listing. You'll almost guarantee that you'll sell your home for the highest price in the least amount of time.

What most home sellers don't know is that often 80% of the effectiveness of marketing a home is linked to where you price your home from the very beginning. You set a precedent to an extent.

The true Fair Market Value of your home is subjective and determined by what a Buyer is willing to pay and you (the Seller) is willing to sell for in today’s market conditions. That's the true Fair Market Value of your home and it is based on the needs and wants of both parties involved in the transaction.

With the Internet available to most people, the buyers of today have all the information that you have. They will base their offer by comparing your property to others sold (or available) properties in your area. They will evaluate your home against the other’s, comparing the cost verses the value based on their needs.

Tomorrow Lesson 7 - Lake Keowee Sell Right Guide

Tomorrow you'll receive Lesson #7 of the Lake Keowee Sell Right Guide, which will reveal the the top 9 places where buyers come from.