Setting the right sales price is the most important factor when it comes to selling your home. Almost any home can sell provided that it is priced right. No matter where your home is located or how beautiful or run down it is, whether it sells or not comes down to price. Do not allow emotional ties to influence pricing rather than market conditions. To you it's your home, but to a buyer it is only a house. Don't be offended by low offers. Buyers may just be testing the negotiating waters.

1) Determine your market area

Look at a map and circle your entire subdivision, the properties located within this area will typically be the most comparable properties, and should be considered your market area. Whether your property is located in an urban, suburban or rural area will greatly determine how geographically wide or small your boundaries should be. For example in urban environments the market area may consist of one block whereas in rural markets it might be as large as 5 miles, depending on the density of properties.

2) Examine your property

Walk around the inside and outside of your property to see what potential costs might be taken on by a buyer such as painting, stucco patching etc.

List all the positive and negative aspects of your property. If your property needs repairs or maintenance take into account what the cost to fix these repairs might be. Obtain quotes from contractors, electricians, roofers etc. to find out the exact costs so you can take this into account as you might have to deduct these expenses from your sales price.

3) Look up comparable listings and sales in your market area

Both active listings and recently sold properties should be reviewed. Active listings tell you who your competition is, and recent sales tell you how much your property will probably sell for.

Do not rely on less-than-solid information when searching for listings. The most reliable source is your local MLS (Multiple Listing Service) for listings and your County Assessors/Recorders Office for sales. The MLS also contains sale data however this data should be verified with the Assessor/Recorder.

4) Analyze your data

Compare your home to others in your market area that are similar in the following areas:

1. Age
2. Style (detached, attached, town home, ranch, Victorian etc.)
3. Size
4. Bedroom/Bathroom Utility
5. Condition (Upgraded, Fixer etc.)
6. Location of Property in neighborhood (Ocean/Lake Front, Busy/Noisy street, etc.)
7. Amenities (Yard/patio, pool, spa etc.)

5) Determine a listing price

Look at the most recent sales of the comparable properties to determine a proper sales price for your home. Then look at your competitive listings prices and market times. A marketing time over 90 days can indicate overpricing.

After you have analyzed all of the comparables, determine a listing price for your property. Sounds easy, right? Far from it. An overpriced home sits on the market. An underpriced home can cost you valuable equity. Let a professional TNT Properties REALTOR® assist you in navigating the pricing "maze" to maximize your pofit potential.