First price cut’s the deepest

Home Sale Hindsight

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Q: My Realtor keeps saying that I should lower my sales price by $20,000. It's been on the market since May 25, 2010. What do you think? --Jim, Arizona A: As brilliant as I am (and modest, too, obviously), I'll be the first to admit that no national real estate commentator or expert can give you advice on pricing your home with the same level of expertise and insight into the comparable sales, competing properties and buyers' perception of your home that a local broker or agent can.Your own agent's advice is especially credible and trustworthy if that agent is a local real estate pro with a track record of closing sales of homes in your market, in a fairly recent time frame. And despite what the popular media would have you believe, in many ways your agent's interests are highly aligned with yours in that they don't get paid -- at all -- unless and until your home sells. Once an agent has your listing, she has a strong incentive to give you the advice that would get you...