How do I set the selling price for my house?
Author": Andre du Toit |
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The key thing to setting a price is determining how much your property is actually worth on the market -- called "appraising" a house's value. Because no two houses are alike, it's impossible to predict with absolute certainty what a buyer will pay for yours. However, the best indicator is recent sales prices of similar properties in your neighborhood ("comps").
Real estate agents have access to local sales data and can give you a good estimate of what your house should sell for. Many real estate agents will offer this service free, in hopes that you will list your house with them.
To get a ballpark figure on your own, use websites such as http://www.domania.com/. By entering your address, you'll be able to pull up sales prices for recently sold homes of the same size as yours in your neighborhood.
Observing the asking prices of houses still on the market can provide guidance. However, you'll need to adjust these prices for local market conditions. In some areas, asking prices are typically 10% or more over the market. To find out asking prices, go to open houses, check newspaper real estate classified ads, and go to online listings such as http://www.realtor.com/.
Other options include hiring a professional real estate appraiser and visiting public record offices, such as your county clerk or recorder's office. |
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