A comprehensive market analysis is essential to determine the value of residential property. Location and characteristics of the property are the key elements in determining value. Therefore, the basis for evaluation are similar properties in your area. The market analysis takes into account the amount received from recent sales of comparable properties and the quantity of comparable properties currently on the market. The desired end result, of course, is to find a price that will attract a willing and able buyer in a reasonable time.
Once the value of your home has been determined, you can decide on an offering price that will achieve your goals. Generally, the price should not exceed the value by more than 5% or potential buyers may not even make offers. Naturally, if you want to sell quickly, your asking price should be very near the value.
The following are a few things to keep in mind about pricing: