How to Set the Selling Price for My House

Knowing how to set the price of your house will help you sell it for fair market price.
Knowing how to set the price of your house will help you sell it for fair market price. (Image: Jupiterimages/Comstock/Getty Images)

You've decided to sell your house. One of the first things you may ask themselves is, "What is the value of my house?" or "What's my home worth?" Whether you are selling your house yourself as a For Sale By Owner, FSBO, or listing your house with a real estate agent, it's always a good idea to know how to set the selling price for your house. Selling your house can be a stressful time because you want to make the most from the sale of your home without taking too long to sell it. To set the selling price for your house, use the following methods to learn your house's value.

Things You'll Need

  • Real estate agent
  • Computer and internet access
  • County tax records

Research the fair market value estimate. Do so by interviewing real estate agents and have them come to your house and give you an estimate of the fair market value. Some home owners ask for this service from time to time just to keep current with what their house value is. The real estate agents use comps, or comparable houses similar to yours, to determine the fair market value. The value is determined by comparing your house to other houses using the following factors: location, size, square footage, garage space, number of bedrooms and bathrooms, upgrades and lot, among other factors. Interviewing an agent does not mean you must sign a contract with them for services.

Check prices online. When you want to set the selling price for your house, check online sources such as Zillow and for side-by-side comparisons. Type in your zip code, select the number of bedrooms and bathrooms and other relevant features, and select the general price range to narrow the search to houses like yours. A list of houses that are currently for sale will appear and you can check the features of these houses to compare your house against.

Research county assessor's records. Each county assessor's office keeps records for tax purposes on all property in the county. Contact your county assessor's office and ask for sales information on comparable houses to yours when you are trying to set the selling price for your house.

Attend open houses. One way to see exactly what other houses like yours are selling for is to attend open houses. When you are selling your house and trying to set the selling price, taking a look at other houses in person is a good way to become knowledgeable. You will be able to see the condition of the house for sale and check on what upgrades the house has compared to yours. This information will aid you in answering that big question: What's my home worth?

Tips & Warnings

  • Remember to increase the asking price a bit when home selling so you will have negotiation room.
  • Be realistic about the asking price when selling your house. In a slow or down real estate market, if you need or want to sell quickly, the best idea is to list your house very competitively to get quick offers.

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