Should I set the price of my home by comparing it to other current listings?

Should I set the price of my home by comparing it to other current listings?

Chad Lund (Real Estate Agent) gives expert video advice on: How do I set a price for my house in a slow market?; How do I know if I'm asking too much for my house?; What is a 'bottom line'? and more...

Setting your price of your home by comparing it to different listings in the neighborhood, it depends, if a listing has been on for 30, 60, 90 days and its a comparable home not selling, then definitely don't price it there. Come down 5, 10%, depending on how long that house has been on the market for. So just because a house is priced at a certain and its still active doesn't mean that's the sales price. So you really have to look into how long its been on the market for, how it compares to yours, but at the same time I would look at what's in escrow and what has sold recently.