The first rule is to be realistic. If you purchased a home earlier than about 2004, chances are good that you have equity. If you made substantial improvements there is even a better chance. The problem today with many sellers that have owned their home for many years, is that they still do not want to admit their home is not worth what it was at the height of the market. It is almost guaranteed it is not. So how do you price your home properly to sell? Here’s another good rule to remember. Don’t listen to your neighbors or friends. Your neighbors of course want your home to sell at a high price. But they have an agenda. What about your friends that don’t live in the area? How would they know how much you home is worth? There is only one way to do it. Work with a good Real Estate Broker. They can provide you with comparable sales of homes in the area that have recently sold that closely mirror your home. You have to start thinking like an appraiser. The appraiser is going to be sent out by your future buyer’s lender to determine the value. He or she will be looking for homes that have close to the same sq. footage, lot size, number of bedrooms, number of bathrooms, condition, location and circumstances. Circumstances mean for example if a possible comp. was sold to a relative and that probably is not a good comp. If a home down the street has been completely remodeled and yours has not, then that would indicate the condition and that one is probably not a good comp. Many times good comps are a mile away. If you have made recent improvements, like new heating, new roof, new water heater etc, don’t expect to get those costs back dollar for dollar. Don’t forget a buyer will have a contingency that the home must appraise for the purchase price. If it does not and you are unwilling to come down in price, then the buyer will have to put more down. Most will not and they then have the legal right to walk away. Putting your home on the market at an unrealistic high price will not benefit the seller. It will sit on the market for months and may never sell. Make every effort to come to a value that can be backed up by the comps. And it is ok, to price the home a little high. Most buyers never expect to pay an asking price, although many homes are sold for the asking price.