When listing a home, Sellers often ask what price we recommend listing the home at. So, how do we recommend a list price? We take in to consideration the age, location and condition of the home or property. If a property is not priced right, it may take much longer to sell.
Before giving our idea of a price, we look at what has been sold and listed in the area and compare it to the subject or house for sale. We also have to look at the subject house or property so we can know how it will compare to the comparables. We call this price and process "Comparative Market Analysis" which is not an appraisal but it gives you a good idea of what a house should sell for.
When selling a home or property, it is imperative that it is priced appropriately. I was once told that when selling a property, you look at three things affecting the sale. Price, Condition and Location. To solve these issues and help the house to sell, you adjust the price.