HOW MUCH IS YOUR HOUSE WORTH?

Once you have made the decision to sell your home, the next step is deciding on how much to list your home for — which can be tricky. Price it too high?  Your home could sit on the market for months. Price it too low? You could be shorting yourself on your investment. Here are some key ideas to remember when pinpointing a price that is just right.

• Your purchase price may no longer be a factor. Maybe you are considering starting your listing price at what you paid plus a little more. Unfortunately, this may not always be the case. It will be up to the current market - which is continually fluctuating. It is important to remember, it is not based on what you paid but on what buyers are willing to pay for your home now.
•  Comps are key. Comps or comparables are the best way to get an idea of what your home is worth. Analyzing other homes in your area that are for sale or that have recently sold is a great way to determine a price range. Sellers can do a simple search online to assist the, but it is always best to consult your REALTOR® to ensure accuracy. 
• What about home improvements? Home upgrades may add marketability, but they don't always add value.  Most projects will not bring back your dollar-for-dollar investment as sellers would hope. Surveys by the National Association of Realtors® show that your return on investment for home improvements depends on what kind of renovation you’ve pulled off—and how much prospective buyers want it in your area.
• Leave a little room for negotiation. Buyers love to negotiate, especially first-time home buyers who may not have much cash to work with. Try to leave a little wiggle room instead of starting out with the absolute lowest price you could go. It is also a good idea to round off your asking price in increments of $5,000.