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Pricing Your Home Effectively

In the process of choosing an asking price for your home the first question that has to be answered is how fast you need to sell your home. If you're looking to get out of your home quickly, then a lower asking price will need to be considered. If money is more important than time, it's ok to shoot for a little higher asking price. Keep in mind, however, there's a risk in having your home on the market for an extended period of time. The bulk of buyer activity typically occurs in the first handful of weeks after listing your home, as time moves forward the number of interested home buyers tends to decrease.

It's important to research the current home buying market and choose a fair price that's comparable to other homes in your neighborhood. If your asking price is substantially higher you will drive potential home buyers away. On the other hand, if your asking price is too low you run the risk losing your equity. In today's market, most home buyers tend to familiarize themselves with home values in the area they're considering. 

Resources to Help You Determine a Listing Price

There are good resources available to help you determine an asking price for your home. You can go to MLS.com and Yahoo Real Estate, fill out the brief forms and immediately view all the homes that have sold in your neighborhood over the past handful of months.

You can then go to your city or county's assessor website and learn more details about each of the homes listed. Most homes are available by going to the Iowa Assessors website at www.iowaassessors.com. If your home is not available on this site, your city may have another assessor site. For example, the Cedar Rapids area offers www.cedar-rapids-assessor.org which is not accessible via the Iowa Assessors website.

Lastly, it's never a bad idea to hire a certified appraiser to price your home. Not only will an appraiser prepare a comprehensive report detailing your home and comparable sales, but they can also help identify issues that may need attention.