Many sellers base their home price on subjective value.

To an appraiser,subjective value is based on emotions like how much vendors paid for their homes,how much they love their homes and overall pride of ownership.

Setting the asking price of property should always be based on market value which is called objective value.

Objective value is what all appraisers base the true value of a property.

When considering true objective value,an agents look at the condition of the property,its location, the selling price of the properties with similar features in the same area,the listing prices of other properties in the same area,and overall condition of economy and real estate market.

If your home is not priced competitively,the time it takes to sell will be longer as homebuyers look at larger or better homes in the same price range.When your price is later lowered,buyers may be wary because they suspect other reasons why the house has remained unsold for so long.