*Consider comparables. What have other homes in your neighborhood sold for recently?
How do they compare to yours in terms of size, upkeep, and amenities?
*Consider competition. How many other houses are for sale in your area? Are you
competing against new homes?
*Consider your contingencies. Do you have special concerns that would affect the price
you’ll receive? For example, do you want to be able to move in four months?
*Get an appraisal. For a few hundred dollars, a qualified appraiser can give you an
estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate
appraisers in your area, contact The Appraisal Institute or
ask a REALTOR® for some recommendations.
*Ask a lender. Since most buyers will need a mortgage, it’s important that a home’s sale
price be in line with a lender’s estimate of its value.
*Be accurate. Studies show that homes priced higher than 3 percent over the correct price
take longer to sell.
*Know what you’ll accept. It’s critical to know what price you’ll accept before beginning
negotiation with a buyer.