1. Consider comparables. What have other homes in your neighborhood sold for recently? How do they compare to your home in terms of size, upkeep, and amenities?
2. Consider competition. How many other houses are for sale in your area? Are you competing against new homes?
3. Consider your contingencies. Do you have special concerns that would affect the price you will receive? For example, do you want to move in four months?
4. 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 me for recommendations.
5. Ask a lender. Since most buyers will need a mortgage, it is important that a home’s sale price be in line with a lender’s estimate of its value.
6. Be accurate. Studies show that homes priced more than 3% over the correct price take longer to sell.
7. Know what price you will accept. It’s critical to know what price you will accept before beginning a negotiation with a buyer.