A comprehensive market analysis is essential to determin the value of residential property. Location and characteristics of the property are the key elements in determining value; therefore the basis for valuation is similar properties in your area. The market analysis takes into account the amount received from recent sales of comparable properties currently on the market. The desired end result of course is to find a price that will attract a willing and able buyer in a reasonable time.

Once the value of your home has been determined, you can decide on an offering price that will achieve your goals. Generally, the price should not exceed the value by more then 5% or potetial buyer may not even make offers. Naturally, if you want to sell quickly your asking price should be very near the value.

The following are a few things to keep in mind about pricing:

• Realistic pricing will achieve maximum price in reasonalbe time.
• Your cost or profit desire is irrelevant; the market determines the price.
• The cost of improvements is almost always more than the added value.
• Houses that remain on the market for a long time do not get shown.
• A house that is priced right from the beginning achieves highest proceeds.