Tips for Pricing Your Home in the New Year

  • 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 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.

The following has been reprinted with permission of the NATIONAL ASSOCIATION OF REALTORS®