How do you set a selling price on your house? The value of your house may not be what you think it is- even with the advice of well meaning friends and neighbors. What really determines value? Market value is the highest price that a property is expected to bring from a typical, well informed buyer if the property is exposed to the market for a reasonable period of time. Who then sets the value?
The seller or broker may set the price, but the buyer in the marketplace actually determines value. Price is vital. An overpriced home can be almost impossible to sell. On the other hand, with too low a price, you are not getting what it’s actually worth. A trained real estate agent can be a big help. He or she can establish the value of your property based upon comparable prices of similar homes that have sold in your area. Starting out with a fair price is the most important step in selling your property. Everything else-including financing-is secondary.