The key thing to setting a price is determining how much your property is actually worth -- called "appraising" a house's value. Because no two houses are alike, it's impossible to predict with absolute certainty what a buyer will pay for yours. However, the best indicator is recent sales prices -- not list prices -- of comparable properties in your neighborhood.
Real estate agents have access to local sales data and can give you a good estimate of what your house should sell for. Many real estate agents will offer this service free, in hopes that you will list your house with them. But beware that some agents may estimate a high value for your home to try to get your listing. Make sure the agent's estimate is based on comparable sales, and ask to see the comparable listings yourself.
Observing the asking prices of houses still on the market can also provide some guidance. Of course, asking prices don't always reflect what the houses will actually sell for, so you'll need to factor that into your calculations. To find out asking prices, go to open houses, check newspaper real estate classified ads, and look online at sites such as Find Andrea Scott.
Especially in a competitive market, it's important to list your house at the right price from the beginning. If your house is overpriced, some buyers might not even bother to look, thinking your expectations aren't reasonable (as is common among sellers who've recently seen their home values drop) and it's not worth it to even negotiate. And the longer your house sits on the market, the more suspicious potential buyers may become that something is wrong with it.
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