Knowing the right price to ask for your property is one of the most challenging components of putting your house on the market. Fortunately, with recent advancements in information technology, it is easier than ever to determine what your property should sell for should you make it available to potential buyers. Regardless of appraised value, this knowledge will allow you to price your property with confidence, knowing that you are asking a fair price while not running the risk of setting a price that will make it hard to sell.

Monitor the Multiple Listing Service

The Multiple Listings Service (MLS) is freely available on the Internet from any number of sources. (See Reference 1) Use the MLS system to conduct a search for properties in your area which are similar to your property to check on your competition. Watch for how long it takes for these properties to be taken off the market. If another comparable property is a slow mover, it may be that the property is overpriced and you should see this as a warning to avoid overpricing your property. If another property is quickly purchased, you should see this as an opportunity to request a similar price even though your appraised value may be somewhat different.

Contact Owners of Recently Sold Property

If contacted, the owners of the recently sold properties which you have been monitoring may be willing to share their insights as to how difficult it was to sell in the current market. By learning from their experiences, you can avoid making the mistakes that they may have made.

Conduct Internet Research

Conduct a basic Internet search for real estate resources. Real estate sites such as Zillow.com offer access to a number of articles containing helpful hints on selling your house. (See Reference 3)

Consult a Realtor

Of course, there is no substitute for consulting a professional who understands the local real estate market. You cannot go wrong with consulting a Realtor because he is buying and selling properties in your area on a day-to-day basis. A helpful real estate broker should be willing to provide you with a Competitive Market Analysis (CMA) of your property for a small fee. (See Reference 2)

Source:

Example of MLS site

Information About CMA

Zillow Resources