| Whether you plan on working with a real estate | | | | If you are still feeling unsure about how to price |
| agent or are going to sell your house FSBO (for | | | | your home for sale, you might want to consider |
| sale by owner), you may be concerned about | | | | having a professional appraisal done. It will cost |
| how to price your home for sale. It's a decision | | | | $300 - $400. An appraiser will compare your |
| that can cost you a lot of money and waste a lot | | | | house with 3 - 5 houses that have sold recently in |
| of time if not done correctly. | | | | your immediate area that are most like your |
| Here are four ways to get the information you | | | | house. Then they adjust your house's value up |
| need to evaluate your home's value and decide | | | | and down according to how your house compares |
| on your asking price. | | | | to the other houses. |
| 1. ON-LINE "GUESSTIMATE" SITES | | | | A benefit of this method is being able to show |
| There are a million websites where you can get a | | | | the buyer the appraisal. They can be assured |
| free "guesstimate" on the value of your house. | | | | they are getting a fair deal when they buy your |
| I've compared the numbers on several of the | | | | house. |
| most popular ones against houses I've recently | | | | 4. FIELD RESEARCH |
| sold or had appraised and found they were | | | | Before deciding on your asking price, I highly |
| anywhere from spot on to 40% off! | | | | recommend you do a little "field research". You |
| I think you should consider these sites as a place | | | | need to actually see some comparable houses |
| to start when selling your house, but you need | | | | that have sold recently and some that are |
| definitely need more accurate information than | | | | currently for sale in your neighborhood. You need |
| they can provide. | | | | to check out your competition! |
| 2. COMPARATIVE MARKET ANALYSIS | | | | Look at houses that have sold recently. Take |
| If you are working with an agent, they can get | | | | your reports and drive by the comparable houses |
| you a Comparative Market Analysis (CMA). This | | | | that you found on your Internet searches or are |
| will give you a range of their best estimated | | | | listed on your CMA, valuation report, or appraisal. |
| prices, but there is no "magic formula". You still | | | | Look at houses currently for sale. Next weekend, |
| should do some research yourself so you can | | | | get online or grab your local newspaper and make |
| intelligently analyze the information they will give | | | | a list of open houses in your area. Map them out |
| you. It will ultimately be up to you to decide on | | | | and go to as many as you can. |
| the actual price. I wouldn't recommend blindly | | | | Now you've seen your competition. Rate your |
| accepting a number they push for either. I've | | | | house on the following compared to other houses |
| seen agents be way off. And after all, who | | | | either sold or for sale in your price range. Take |
| knows your neighborhood better than you? You | | | | into account everything you see that might affect |
| know things that don't "show up on paper" that | | | | your opinion of your house's value. Does your |
| can affect house values. | | | | house rate favorably or negatively compared to |
| If you are selling your house yourself, you can | | | | others houses in your area and price range on: |
| get a CMA free online (also called a home | | | | - Curb appeal |
| valuation or valuation report). However, this will | | | | - Location |
| alert agents that you are trying to sell your own | | | | - Condition |
| house and they will try to get you to list with | | | | - Features |
| them. There is no free lunch. | | | | - Landscaping |
| If you'd rather avoid the hassle of having agents | | | | - View |
| call you, you can buy a valuation report online for | | | | Now you know how to price your home for sale |
| around $30. You will receive a | | | | you should have a much more realistic idea of |
| computer-generated opinion of your house's | | | | what your asking price should be. You can |
| anticipated selling price range. | | | | proceed with selling your own house with |
| 3. APPRAISAL | | | | confidence knowing you are asking the right price. |