Bonus Tips

Online estimates can be an okay place to start, but be sure the sites you use not only return a price, but also connect it accurately to your address. Also, because online estimates can vary widely, make sure you get at least five prices, nix any that seem unusually high or low, and then average the rest. Know that the data collected from an online estimate is very general, including the standard things like square footage, beds and baths, and neighborhood comparables. They don't do a walk-through, so they don't know if you're next to the highway, you have an outstanding view or the condition of your house is better or worse than similar houses in the neighborhood. In other words, these estimates are just that: estimates. Once you've come up with a general idea about the price, you can move on to the next step.

After getting a ballpark estimate, it's time to ask the experts. And why not? It's free and as agents, we can walk-through your home and provide a Comparable Market Analysis (CMA). A CMA will include carefully selected comparable properties, a listing of the factors that make your house unique and an analysis of current market conditions. If you are shopping for agents, keep in mind that some agents may offer an unrealistically optimistic listing price, imagining you'll choose the agent who thinks he or she can get the best price. If an agent's suggested listing price seems too good to be true, it probably is. We have experience in your community.

Think Like a Buyer! You've heard the term "sentimental value." And just as the word "value" implies, the memories your house holds can add to its price. That is, if you're thinking like a seller. If you're thinking like a buyer, however, these memories won’t mean anything to them. Neither does your seller's optimism. When you're pricing your home, learn to think like a buyer and not like a seller. Prepare to be rational. For example, when looking at your house among a menu of comparables, imagine which one you'd buy if you were looking at them from an outside point of view.

What's your home really worth? Well, it's worth what someone will pay for it. And what will someone pay for it? Well, that is what someone would likely pay for what they've paid for similar houses in the recent past. Be sure to price your home accurate with the immediate/ local competition. That is, if you know the competition. You can bet that buyers will visit a few of these comparables, and you should, too. There's nothing like walking around a house to see how it stacks up against yours. Active listings are your competition, but they're active for a reason. They haven't sold yet. Looking at comparables currently on the market might give you a good picture of what houses in your neighborhood don't sell for if they have been on the market a long time. Instead, try to find out as much as you can about what has sold, and compare you home to those homes.

What's your home really worth? Well, it's worth what someone will pay for it. And what will someone pay for it? Well, that is what someone would likely pay for what they've paid for similar houses in the recent past. Be sure to price your home accurate with the immediate/ local competition. That is, if you know the competition. You can bet that buyers will visit a few of these comparables, and you should, too. There's nothing like walking around a house to see how it stacks up against yours. Active listings are your competition, but they're active for a reason. They haven't sold yet. Looking at comparables currently on the market might give you a good picture of what houses in your neighborhood don't sell for if they have been on the market a long time. Instead, try to find out as much as you can about what has sold, and compare you home to those homes.

Price ahead of the curve. Imagine this: Prices are decreasing in your local market. You set the price of your house at today's fair value. But two months down the line, when you're dealing with make-it-or- breakit interest, your house is overpriced. You're behind the curve. At that point, if you cut the price to market value, you'll be behind the curve again as prices erode beneath you. And cutting the asking price is a signal of desperation that makes buyers wonder what's wrong with the house. Chasing declining house prices is not a good place to be but it's one you can easily avoid by looking into the future and pricing your house accordingly. However, the same is not true in an increasing market. If you overprice your house, listing it at what you imagine it will be worth three months in the future, you doom yourself to missing the all-important interest in your fresh listing. By the time your price is competitive, your house will most likely have been on the market three months and will look like a tired listing.

The fair price of your home takes some things for granted: the paint and floor coverings are in good condition, it's spotless, landscaping is maintained and you've decluttered your space. If you go above and beyond, your selling price can reflect it. The tips in the previous pages of this Guide will help you get your home to show its best. How much you spend to fix up your home will depend on your possible return of investment in the end. Be sure to stay rooted in your comparables. If every house on the market has granite countertops, then this amenity will already be reflected in the fair price you listed earlier. But if you're truly going above and beyond -- with heated floors or a basement sauna, for example -- then you have room to grow your asking price, but be careful not to out price yourself out of the market with your upgrades!