1. Renovate Your Home | 2. Ten House-Selling Tips | 3. Manage the Sale | 4. Set an Asking Price
5. Accept an Offer | 6. Attend the Closing Meeting

4. Set an Asking Price

What you paid originally for your home and the cost of past home improvements is irrelevant when trying to determine an asking price. When it comes to pricing your property, the only measure that matters is what comparable homes are selling for in your neighborhood now.

Research home prices in your neighborhood.

Your research will already have given you a good idea of how the market is faring. If you choose to work with an agent, (s)he should also provide you with comparable sales and discuss why your house should be priced higher or lower.

Get an idea of a typical offer.

Usually a buyer will offer to pay roughly what similar homes have recently sold for in your neighborhood. As a rule, location is the biggest factor in pricing a home. Features, such as size; number of bedrooms and bathrooms; fireplaces; porches; and the general condition of your home, are also important.

Price neither too high nor too low.

But be careful: the critical selling time is within the first month after your home hits the market. If the price is too high, you'll turn off potential buyers and agents and then have a hard time attracting them back, even if you lower your sights later. Also, real estate agents might not spend as much time showing homes that they think are over-priced. But if you set it too low, people may assume that there is something wrong with it.

Having a tough time deciding on a price that’s right for you? Call an Allpointe Mortgage Advisor at 866-255-3535.