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Real Property: Selling A Home Yourself

Step 1. Set an asking price, and a price that is your bottom line.

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Before setting an asking (offering) price:

  • Check the current market value of your home. (What it was worth 6 months or a year ago is not relevant). To learn how to do this easily on the internet, click here.
  • Think about whether you are in a buyer's or a seller's market. For information about what to do in each market, see:
  • Think about how quickly you need the money from a sale. The faster you need the money, the lower the price to consider.

If you live in an area where the market is falling, consider "future pricing:" set the price based on what your home is likely to be worth in four to six months considering what has been happening in your area during the past 3 - 6 months. A lower price will make your house look like a bargain. It also addresses potential buyers' fears that the property will be worth less than they paid. You can even explain in the ad that the pricing is set to protect the buyer against future declines.

It helps to think up front what is the lowest amount of money you would accept on a sale. If you use a broker to help sell your home (see below), the broker will want to know this price. It will also help you in negotiations with potential purchasers.

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