Tips on How to Price Your Home

• Consider comparables. What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?

• Consider competition. How many other houses are for sale in your area? Are you competing against new homes?

• Consider your contingencies. Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in four months?

• Get an appraisal. For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact The Appraisal Institute (www.appraisalinstitute.org) or ask a REALTOR^Ò for some recommendations.

• Ask a lender. Since most buyers will need a mortgage, it’s important that a home’s sale price be in line with a lender’s estimate of its value.

• Be accurate. Studies show that homes priced higher than 3 percent over the correct price take longer to sell.

• Know what you’ll accept. It’s critical to know what price you’ll accept before beginning a negotiation with a buyer.

Preprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®.

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