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Home Tips

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The Right Value
Pinpoint the Best Price for Your Home

While the housing market continues to enjoy a boom, the pace of residential appreciation is beginning to brake in many communities. Values are even dropping in some locales, making it more crucial than ever for sellers to set their asking price while keeping fluctuations in their immediate area in mind.
Experts suggest that homeowners might want to settle for the lower limits of their list price; otherwise, a price in the upper range of those parameters could force them to adjust the price in a couple of weeks. A price adjustment will become necessary in such a case because many house-hunters will not even attempt to negotiate with the owners of an overpriced property; instead, the listing will languish on the market, eventually selling for less than the fair price.

To avoid overpricing, sellers should ignore home-sale gossip from their neighbors, who may exaggerate or provide inaccurate information because they are confused.

They also should recruit a listing agent with a reputation for on-point pricing. These professionals are able to accurately peg the true market value of a property and generally recommend that the list price go no higher than 5 percent of the amount. To determine an agent's qualifications, clients can request a list of homes sold by the agent in the last six months to a year and compare the list prices with the final sales prices.

In addition to the aid of a good real estate practitioner, home sellers also may turn to the Internet for Web-based valuation tools. Experts warn, however, that free services sometimes are skewed.

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