Estimate The Value Of Your Home
If you haven’t already done so, seriously consider engaging the services of a local property appraiser. These are professionals trained to give you an estimate of the value of your home. You may need to spend in the range of $300 for this service but it gives you a solid estimation of what your home is really worth in the current market.
Do Your Own Research of Recently Sold Homes
If you happen to be selling the home without utilizing the services of a real estate agency, then the burden of researching the prices of houses in your locality will rest on you. There are now many free Internet resources that provide reliable data on recent real estate transactions, such as Trulia, StreetEasy, Realtor.com and Zillow. These are the same data sources used by real estate agents to value properties. Make use of these resources to find out what properties similar to yours have sold in recent weeks and base your asking price on those figures.
Also, ensure that you are keeping tabs on what is taking place in the local area market currently. Many local newspapers print lists of recently sold properties on a weekly or perhaps monthly basis. Consider adding comparable homes to your database as another tool towards setting your initial asking price.
Have your Real Estate Agent Check Multiple Listing Service (MLS)
Maintained by real estate agents spread across the nation, the Multiple Listing Service database keeps track of properties that have been sold, bought, and everything else in between. Your real estate agent should be in a position of pulling out specifics on recently sold homes in your area. This can be within the previous 3 to 6 months. The agent should be capable of analyzing the prices of those sales that are currently pending, and guide you on the most up-to-date price indicators in the local market which are not yet in the public domain.