With today’s real estate market being a buyer’s market; it is generally difficult to sell a house quickly. So in order to sell your house you need to play a more active role than usual. Are property prices in your area trending upwards or downwards? Are homes selling quickly or slowly? Will your house be on the market in the spring home-buying season or winter? Are interest rates attractive? Is the economy slow or fast? It is a buyer's market or a seller's market? There are so many questions you need to get answers to before you determine what the asking price for your house should be.
The most important aspect is to set a realistic asking price for your property. You have to understand that today’s market is not the right place to make easy profit from real estate. So price your property according to the current market value in your area. Remember, that overpricing your house will simply lead to wastage of your precious time.
You have to let go your personal point of view when you set the price for your house. The buyer will not be interested in knowing how much you paid for the house. He/she will just compare the asking prices of all the houses of similar type and in most cases will settle for the lowest price.
You can also take the help of a realtor to find out what the asking price for your property should be. You should ask at least three real estate agents for their opinion of its likely selling price. You can also ask for a "comparative market analysis" (CMA). CMA will show the prices of comparable recently sold homes, on-the-market homes and homes that were on the market, but weren't sold. This should give you a fair ides of what the market trend is and how much should you be asking for your house.
Another way of knowing what’s in the market and for how much, is going to open houses in your neighborhood and trying to make an impartial assessment of how those homes compare to yours in terms of location, size, amenities and condition. You should also make comparison based on square footage area.