The period shortly after a property comes on the market is usually the time of greatest interest and most inquiry, and it is critical that a property be correctly priced when it is first listed. Houses that sell quickly, and usually for their optimum value, are those that have been priced correctly at the beginning of the marketing campaign. It is no good saying "lets try it at a higher price initially and then come down if it doesn't sell". Good buyers could be lost, maybe forever.

If you miss this initial opportunity you not only run the risk of being overlooked by future buyers who may be concerned about why your house hasn't sold, but also run the risk of having to sell further down the track at a price below the true market value.

It is known that some real estate agents promise to get a high price for your home – this is known as buying the listing. Unfortunately this can be a disservice to vendors because if the property does not sell buyers become aware of the lengthy market exposure and usually attribute it to over pricing. Buyers educate themselves with market comparables. They avoid over priced homes and look elsewhere.

Government valuations are intended to value the city for rating purposes and are now known as Rating Valuations. They are not marketing valuations. They are carried out at three yearly intervals and are based on average values for your street.

Banks usually have more invested in a home than the owner and if a buyer needs a high loan to purchase the property, the sale could be in jeopardy if the Bank's valuation does not match the purchase price.

Real estate sales people get paid only when they sell houses. If a property is considered to be over priced (and unlikely to sell) it may get lower exposure to potential buyers – or, and worse, it may highlight that another property represents better value for money.