Myth: Base your price on potential profit

The price of your home needs to be based on fair market value, otherwise you will never see an offer. You might need the profits from the sale to finance the purchase of a new home, or to pay off debt. Still, you can never raise your asking price to satisfy your own needs. Buyers will comparison shop. They will compare your house to other homes in your neighborhood, and if every feature but the price is equal, you will lose a sale. Remember that an asking price is not static. Considering market conditions, you may have to reduce your price to see that offer.