Pricing your home right is critical for a quicker sale. To help prevent your property from lingering on the market longer than it needs to, avoid the following mistakes many sellers unfortunately make when establishing their asking price.

• Factoring in sentimental value. Your property is no doubt priceless to you - you've worked hard to make it a home and it's been the source of countless wonderful memories. However, your price needs to be based on market value - after all, buyers aren't buying your memories, they're buying a piece of real estate.

• Ignoring comparable sales - that is, recent sales of properties similar to yours in terms of location, square footing, number of bedrooms/bathrooms, ecetera. This information is key to establishing your home's market value, so ask your real estate sales representative for a comparative market analysis.

• Letting your financial needs determine your asking price. While it may be tempting to base your listing price on how much money you need at closing, be it to pay off debt or make a down payment on a pricier home, this is a big no-no. If you want your home to sell faster, price it at fair market value.

• Basing your asking price on what you paid for your home. Home values fluctuate due to economic factors, shifts in demand for certain housing types, and various other reasons. The new buyer will pay what they think it's worth, not necessarily what you paid for it, plus a markup.

Set your asking price too high, and your lisiting wont generate interest. Set it too low, and potential buyers might wonder if there's a significant flaw. Again, your real estate sales representative's guidance is imperative when determining your asking price.