1. Your home is worth what a buyer is willing to pay.
Sellers may think they can dictate to the market. And in a period of rapidly rising prices, they might even get away with it. In a down market, however, it's counterproductive to think "I have to get what I paid."

2. Work closely with your real estate agent to price correctly.
Don't ignore valuable advice from someone who knows local market conditions. An experienced real estate agent knows what other homes have sold for and can give you a comparative market analysis to show you the reasoning behind a recommendation. If you've already invested in a professional appraisal, use it as an extra tool to justify your asking price.

3. Your house is special to you, but not necessarily to anyone else.
If you've loved living in your house, you're likely to think it's the prettiest on the block. Remember the paneled office you love may look dated to someone else, and that big yard you adore may be another buyer's maintenance headache.

4. A high price is no good if your buyers can't get a loan.
Your buyers may be so in love with your property they agree to an above-market price. But if the bank's appraiser disagrees with their starry-eyed view, the deal may fall apart. It's better to price realistically in the first place, especially if you absolutely have to sell.

5. Once you've made a deal, shut your eyes and walk away.
If you're buying another home there may be no need to fret. The bargain price on the new home may cancel out the loss on the old one. Even if you're not buying, chalk it up to experience and don't beat yourself up.

Knowing how to price your house can ensure you a fair result within a reasonable time. When a house is holding you hostage, it's better to accept reality and move on than to hold your breath and wait for a more profitable sale.