When selling a home the buyer has an advantage over the seller because they have more knowledge about the market. The market price of a home is determined by several factors:

1. Comparable sales of other homes.
2. Motivation of both buyer and seller.
3. Supply and demand of homes that are on the market.

 1. Comparable sales

Buyer and seller should both have the same knowledge about the sales history of comparable homes. Before making an offer the buyer's agent will review these with the buyer and before pricing the listing agent will do the same for the seller.

2. Motivation of buyer and seller

The buyer has the advantage when it comes to motivation. (Unless it is a strong sellers market). The seller will know nothing about the buyer unless the buyer's agent wants them to or fails to keep information confidential. This is why I tell my buyers to not talk to the listing agent if they are going to an open house. But information about the seller is readily available.

• How long the home been on the market.
• Listing history. How many times it's been listed, price changes, in and out of contract.
• What they paid for the home and the amount of the mortgage.
• Clues in the home. Lack of food in fridge, no clothes for the husband, only a few kid clothes. These can indicate issues like, divorce, relocation, already moved, etc.
• The motivation of the listing agent. Is the listing agent really on your side or are they more interested in getting the deal done and getting paid?

 3. Supply and demand of homes that are on the market.

The buyer has the advantage when it comes to knowing about the supply and demand of homes that are on the market.  This is because they are actually out viewing the homes. They know what their options are and how the competition stacks up. This can put the seller at a disadvantage.

Before you put your home on the market your listing agent should be taking you to view the other homes you will be competing with. Don't need to spend too much time in each home and you only need to sample a few to get a good idea of how your home will stack up. Have an objective view and put your self in the buyer's shoes. The job of the agent is to get you to have a rational view of how your home competes and to guide you through the process. 

-        What advantages do the other homes have?

-         How are they priced?

-      How does your home compare?

-         Does the asking price seem close to the market value or are they priced too high or too low?

-         How does their pricing affect your homes pricing strategy?

If your home is taking too long to sell your agent should be giving you updated comparable sales reports. This will tell you how many homes are selling and how long homes are staying on the market. But you should also have your agent continue to show you the other homes that you are competing with. Selling a home isn't due to marketing magic by the listing agent. Having a rational view of the market and how your home competes is critical.

At Revealty our job is to reveal everything you need to know so you can make informed decisions about the sale of your home.When I counsel sellers my goal is to not tell them what to do but to give them the guidance and information for them to make rational decisions. Viewing the competing homes is an important component in that process.