- 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? [and at what price] - 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 (www.appraisalinstitute.org) or ask your 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 more than 3 percent over the correct price take longer to sell. - Know what you’ll take.
It’s critical to know what price you’ll accept before beginning a negotiation with a buyer.
© Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.”
