Pricing your home right is one of the most important steps for a successful sale. Set the price too high, and you risk turning away serious buyers. Set it too low, and you could leave money on the table. Finding the right balance starts with understanding how your home’s value is determined and what buyers are willing to pay in your local market.

An appraisal is often part of the process and provides an unbiased estimate of your home’s value. A licensed appraiser considers several factors, including the size of the home, condition, location, and recent sales of similar properties. This report is especially important if the buyer is using a mortgage, as lenders rely on the appraisal to ensure the home is worth the loan amount. While sellers do not set the appraisal, knowing what goes into it can help set realistic expectations.

A common pricing mistake is ignoring the local market. Sellers sometimes price based on what they paid, what they hope to make, or emotional attachment to the home. But buyers are looking at comparable sales—or comps—to decide if your home is worth the asking price. Comps are recent sales of similar homes in the same area, with adjustments made for differences like size, age, or condition.

To analyze comps effectively, look at homes that have sold in the past three to six months within a fairly close radius. Focus on those with the same number of bedrooms, bathrooms, and square footage. A professional real estate agent can provide a comparative market analysis, or CMA, which pulls this data together and helps you understand where your home fits in the current market.

Getting the price right from the start increases your chances of a quick, smooth sale. It attracts serious buyers, avoids price reductions later, and helps your home stand out for the right reasons.

For more information, and to access the best resources to help you sell your home, visit AddressNIllinois.com. You’ll find expert guidance and tools to support you through every step of the home-selling process.