3 tips for setting home's list price

REThink Real Estate

Q: How can I really determine what my property is worth? Here is the situation: An online estimate website says my property is worth $230,000, but my agent says it’s worth only $200,000! I’m listed at $225,000, and my price is comparable to other comparable listings. I really get the feeling agents are lowballing sellers to get an easy listing and sale. What’s your input on this? –Lee S.

A: The only way to know with 100 percent certainty what your home is currently worth is, bizarrely enough, to sell it! In real estate, we define the value of a home at any given time as the price that a willing, qualified buyer is willing to pay for it, something you can’t know until you list and sell it. Without doing that, all you can do is estimate your home’s value, and obtain professional estimates of it, based on what other buyers have recently paid for similar, nearby homes.