I know you don't want to hear this, Mr. and Ms. Seller, but if you overprice your home, especially in a Buyer's Market, you have launched yourself down a road of frustration, anger, and a stale house that will not sell, or will sell for less than it would have had you priced it right in the first place.

• The market determines the value of your house, not agents or appraisers

• Look at comparable sales objectively

• Select an agent based on honesty and competency, not on estimated value of your house

• Price your home at your best educated guess of value

Well, duh. More money is more opportunity. However, not selling means both you and I are frustrated, angry at each other, and neither of us gets to put in place the plans we made when you decided to sell in the first place! Don't get caught in the excitement of picking an agent that "buys" your listing by suggesting the highest price. It's just a scam to get the listing, and to get more business off of the sign in your yard, whether your house sells or not.

An appraisal is a decent starting point, but the appraisal from a year ago when you did your re-fi is not an appropriate pricing mechanism. Markets change. Two different appraisers will give you different values. Appraisers are hired by lenders to protect the lender's interests in your property. If you really want an appraiser to help you determine value, then hire one independently for yourself. And really, it doesn't matter what I or an appraiser think a house is worth: if a Buyer won't pay it, it ain't worth it, period.

I know. Your house is vastly superior to the one that sold last month. When I go talk to the guy down the street, he'll tell me his house is vastly superior to yours. Individual tastes and opinions vary! Be objective when comparing homes to set the value for your house.

Testing the market with an elevated price is a waste of time and energy. The first two or three weeks a home is on the market is when it will get the best traffic, the best buyers, the best everything. Don't waste this opportunity by overpricing! Most Buyers don't want to offend you by offering a low price, if they aren't already scared away by thinking you are unreasonable just because you're asking so much more than the market value.

Pricing a home is not an exact science. You can collect fifteen different opinions of value, but until you find someone willing to buy your house at that price, no one knows exactly what the value will be. The market dictates value, not appraisals, not agents. Make the best educated guess by objectively comparing similar sold homes, making adjustments for differences in those homes, and considering current market conditions and inventory levels.

Market dictates value! If you price too low, then you should receive multiple offers that will drive up the sales price to market value

It starts by selecting an agent who gives you an elevated opinion of value to secure the listing. Months (and several price reductions) later, after no activity in the house, it turns into anger and frustration. And then your listing expires and you've got nada to say for it.

How much does it cost you in mortgage payments to not sell when you wanted to? Time and money down the drain. Protect yourself by selecting an honest, competent agent, and by pricing your home at your best estimate of value. As the market changes, you may have to re-evaluate the price, but give yourself the best start by pricing right at the beginning.