Pricing your home requires a balance between personal expectations and market conditions. How you price your home can mean the difference between an offer and weeks or even months on the market.
Online tools can provide an estimate of your home’s value. The traditional way to value a home is to manually select a few comparable homes or “comps” that have recently sold in your area. It’s extremely difficult to find a perfect match so you, or your agent, will need to make adjustments. For example, if your home has three bedrooms but a comp has four, how much would the comp have sold if it had three? This gets even more challenging with features like pools, vaulted ceilings, and a mountain view.
Once you have a good idea of your home’s value, consider whether time or money is more important. You might price a home more competitively if you want to move quickly; on the other hand, you may choose to endure weeks or months of showings for a higher price. The better condition your home is in, the more offers you will receive and the easier it is to justify the price.