Recently, a speaker began a presentation by asking the audience if they could see the hand that he was holding up.  The attendees unanimously agreed.  Thepresenter then corrected the crowd by stating they could see his palm, but not the back of his hand, his fingertips, or between his fingers.

Today, many sellers suffer from the 'Lake Wobegon effect'.  They erroneously believe that their home is better than most, and without question above average.  The problem is that with thousands of new and resale homes for sale, sellers are unwilling or reluctant to acknowledge the quantity and quality of competitive properties.

It behooves a smart seller to ask their listing agent to view a few competing houses.  They can also search an IDX site such as Realtor.com or RE/MAX.com as a buyer would in selecting prospective properties.  It would be of interest to note the number of similar offerings in that price rance.  Compare and contrast the competition's price per square foot and list of upgrades.

A great sports team studies the competition by scouting their players, and reviewing game films. Businesses benchmark industry leaders. Home sellers need to know the other properties that are vying for the hesitant buyer's offers and any incentives that are working in this buyers market.

Today's sellers need to work as diligently on their staging and pricing as they do on their golf games. Tiger Woods is constantly trying to improve his swing. Shaquille 'The Diesel' O'Neal is committed to increasing his free throw percentage.  This is not a market for a seller, or agent to use the old three 'P's' (put up a sign, put it in MLS, and pray another agent brings a buyer).

Most sellers would be irate if another shopper cut in line at the grocery store checkout line. But, these same sellers are unaware of the similar houses that underpriced them on a weekly basis.Successful sellers know the competion, realize that pricing is a process , and staging is no longer an option.