To set the best price for your home, first learn how home values are determined.
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| Your home's value is ultimately what a buyer is willing to pay at any given time. Your final list price may depend on many factors: If you want to sell quickly or you are in a buyer's market, you may decide to set your price lower than market value. On the other hand, if you're in a seller's market where multiple offers are common, you may want to set your price higher than market value.
To arrive at a price:
- Ask an agent.
If you plan to work with a listing agent, interview several before you choose one. A good agent will give you an honest assessment of your home's value. When deciding which agent and sales plan to go with, consider the current market and your home's salable assets as well.
- Know how to read a comparative market analysis.
A comparative market analysis should take into account repairs, improvements, and annual costs (such as property taxes) of your home, in addition to its size, features, and amenities. Expect to get an analysis of recently sold, comparable homes in the neighborhood, and a list of comparable homes currently for sale.
- Get an appraisal.
If you want confirmation of the list price you have in mind, get a pre-sale appraisal. Appraisers use comparable sales in addition to other information to make their determinations.
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