What’s your home Worth?

Does the line point up or down? In a buyer’s market, you might subtract that 10 percent. If you’re in a seller’s market, you might tack on an additional 10 percent. Also, explore the effect of foreclosures and short sales. You now have the information and skills you need to name a fair price for your home. One foreclosure in the blocks near you shouldn’t sink your sale, but if more than 25 percent of the sales in your area are bank sales, you’ll have to reduce your price in order to compete.

You’ll need to speak to a good financial advisor and likely an attorney if you hope to offer seller financing. Offering the option of a fully furnished house might be attractive to some buyers, allowing you to add to the listing price. Leasing a house is easier and allows buyers without a down payment to (effectively) apply a couple years’ worth of rent to the purchase price of the house.

Think about the agent. Another way to sweeten the deal is by offering seller financing or the option to lease. Buyers who are having problems finding a lender might be willing to pay a premium on the price of the house if you offer a way to sidestep bank requirements. If you offer the house for-sale-by-owner, consider knocking 3 percent off your fair price and pocketing the other 3 percent that would’ve been the agent’s commission.

If an agent’s suggested listing price seems too good to be true, it probably is. However, in addition to getting a price, having your home appraised before putting it on the market allows you to fix things that could slow a sale or even update things that could get you a better selling price. Instead, you might go straight to an appraiser. Appraisers are impartial, but you’ll have to pay for this clear-eyed opinion.

Anything over it is gravy. And if you end up selling below it, you can either shake your head (it might be the market’s fault) or kick yourself (the fault might be yours). 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-break-it interest, your house is overpriced. Read on to find out more. That’s because a fair price is only a start. There are reasons a buyer might be willing to overpay slightly for your house, and there are reasons you might need to underprice it. Imagine this: Prices are decreasing in your local market.

When you’re pricing your home, learn to think like a buyer and not like a seller. Prepare to be rational. So think like a buyer and imagine the big, round numbers that are near your house’s value. However, don’t be afraid to use irrationality in your favor. The grocery store knows that a $2.99 gallon of milk might as well be $3, but for whatever reason, consumers continue to see $2.99 as significantly less expensive than milk a cent pricier. 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.

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