The key to selling anything, particularly a high priced item like a home, is to know what it is currently worth and by setting a competitive price to attract buyers. Information you can gain from newspapers, the Internet, homes for sale in your area, etc. are better than no data at all, but it generally does not yield very accurate estimates. You need actual recent selling prices of homes in your area and the detail features of each sold home to compare them to your home to make a good estimate. To do this, you need to consult with someone that is experienced and knowledgeable in the market and has sources of the data needed calculate good estimates of current values. In the real estate market, the trained licensed professionals to do this are Appraisers and Real Estate professionals.

Real Estate professionals provide a seller data on homes that have been sold in the area, homes currently for sale, history of sales, and tax assessment comparisons (not available in some areas). A Comparative Market Analysis (CMA) is provided comparing the seller's home to other similar homes recently sold in the neighborhood and makes adjustments for differences in features, such as, square feet of living area, number of bedrooms, number of bathrooms, basements, garages, location, age, etc.

With sufficient market value information, the seller can set an asking price that is reasonable enough to compete with other homes on the market and not have the buyers reject the property without making an offer. The market value information also protects the seller from unknowingly selling the home for less than it is currently worth.

A Mortgage Company or FHA may have an appraiser determine the value of the property before committing to a mortgage. If they determine the property value is less than the sale price or if the condition of the property makes it ineligible for mortgage insurance, the sale is lost. However, this occurs after the offer has been accepted and your property has been off the market for some time.

A good selling tool is to have your property appraised ahead of time by a licensed appraiser, get a well documented appraisal report, make copies of the report, and provide copies to prospective buyers. In the final analysis, remember that the true market value of a property is what buyers are willing to pay at that point in time.