Find Your Homes Fair Market Value

One of the most important aspects of selling your home is to set the right asking price. A home that is priced too high won't attract any attention or very little attention from buyers. Homes that are priced too low will usually get a lot of attention from buyers, but sellers will often enter into a contract to sell before better offers come along that are more in line with the home's fair market value.

Know How Much Your Home Is Worth

There are a few ways that you can find your home's value, but none of these methods will give you the exact amount that someone will be willing to pay for your home, which is the true value.

• A traditional appraisal can be ordered from an appraiser in your area. You can find one by looking in the yellow pages or searching online. A professional appraisal will typically cost you $300-$500 and will be very detailed.
   
• Use an online electronic appraisal service to estimate your home's value. This option is a lot less cost prohibitive than a traditional appraisal, which you can usually get for less than $30.
   
• Contact a real estate agent in your area and ask for a Comparative Market Analysis (CMA). Most agents will provide this service free of charge, with hopes of listing your home on the local Multiple Listing Service at their standard 6% commission rate. A CMA will produce a price range instead of an exact value like an appraisal, but generally the CMA's home value range will be very close to the appraisal value.