Despite the advice of real estate agents who have been in the business for many years and as such are experienced with the final sale price of properties, owners continue not to want to listen to the advice that they are given by their agent with regards to the initial asking price of their property.Your agent is well aware that you, the owner, wants to get the highest price that you can.However, it’s the market that will decide that price, no matter when and what you paid for it and how much you have subsequently put into it with regards to renovations and upgrades.In the current economic market that is now more important than ever if you really want or need to sell it.I wrote this published article over two years ago, but it is now more important than ever to heed the advice contained in it so that your property doesn’t become one of the many properties that have been on the market for several years before finally selling for the price, or even lower, that should have been the listing price when it first came on the market.Myself and every other real estate agent on this Island wants to help you get the most out of your property investment, so please listen to your agent and understand that the advice they are giving you is in your very best interest.The Importance of Pricing your Property Correctly according to Current Market Conditions:The Real Estate adage that a property is worth what someone is willing to pay for it is very true, and always will be.Every seller wants to get the highest price that they can for their property, and every purchaser wants to spend the least that they can to buy it.However, IF you are serious about selling your property, it is very important to ensure that your property is priced correctly according to the current market conditions, otherwise your property will remain on the market for a considerable length of time.The longer it stays on the market questions will be asked as to why the property hasn’t sold and prospective purchasers will wonder what is wrong with it, be discouraged from making offers, and look elsewhere.Purchasers right now have “considerable choice” …#157; and this is indicated by the amount of properties on the market for sale right now.Purchasers today are extremely price conscious, and as a seller you have to understand that inventory levels have been steadily increasing over the last couple of years, and with so many homes on the market prospective purchasers are in a position to be able to shop and compare, which today is done mostly on line. So if your property is priced too high then they won’t even bother to come and view it.The Bermuda financial institutions, who send an independent appraiser to the property have also, and quite rightly so within the present economic times, become more conservative with regards to their lending policies.The percentage of Mortgage Funds provided to the prospective purchaser, depends on the appraisal price and not the agreed price, unless it is lower, between the prospective purchaser and the seller.If you have agreed on a price higher than the appraisal price then the purchaser may be unable to secure the funds required to complete the purchase and the sale falls through. So the final selling price is largely dependent on the appraisal.The bottom line here is that if your property is priced correctly it won’t become a tiring and frustrating drawn out experience for you and your loved ones, and is the key to successfully selling your property.Steve Taylor has 18 years of experience in the real estate industry and will be more than happy to assist you and advise you with any of your real estate queries so please feel free to contact him at Moura & Associates at stevetay@mouraandassociates.com or on 504 7253.Steve TaylorMoura & Associates441 504 7253 (cell )stevetay@mouraandassociates.comwww.stevetay.com