I Sold My Home Myself. Here’s How I Set the Price

This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.

When I sold my house, I tracked what other properties were selling for and looked at time on the market. See what else I used to determine the price. 

I sold my home recently, and I got exactly the price I wanted for it. The amount I walked away with was very close to my asking price, and my house sold quickly.

While I didn’t have a mortgage on this house to pay off, I made the money I needed from the sale. The proceeds will provide enough to make a down payment on a new home when I find one — which was exactly what I was hoping for.

Since I sold the house without a real estate agent, I had to decide how to price the property. Here’s how I did that to make sure I was setting the right price.

1. I tracked homes for sale in my neighborhood

The most important thing I did to determine how to set the price for my house was to keep careful tabs on what similar properties sold for. Seeing how much people are actually willing to pay for houses like mine is the best indicator of market value.

Many of the homes in my neighborhood are pretty similar, so this was easy to do. In the months prior to the time I got ready to sell my home, I set up alerts on a real estate website for every time a home in my area went on sale. I was then able to follow the progress of the home to see what happened to it.

2. I focused on the time it took to sell each property

As I watched houses for sale in my neighborhood, I looked at how long each property sat on the market. The average time houses are on the market as of spring 2023 in the U.S. was 54 days, so if a house was on the market for longer than that, I knew it was probably not priced correctly. And, when a home sold much more quickly than average, I looked at whether it was priced below market value.

I wanted to avoid a situation where I listed my home at a price that was too high and it sat on the market for a long time — both because I was eager to move and also because this usually leads to homeowners dropping the price or accepting a much lower offer.

Buyers often lowball sellers who have dropped the price repeatedly or who have had a property sit on the market for a while since buyers may start to assume sellers are getting desperate. I wanted to avoid this, which was why tracking the time it took properties to sell was important to me.

3. I used the final sale price to guide me

Finally, with a focus on the properties that sold quickly, I looked at what those homes actually ended up selling for and priced my house just a little bit higher than that amount so I’d have some room to negotiate.

With this strategy, I ended up being able to sell in just nine days for the price I wanted, and the proceeds are sitting in my savings account ready to help me buy a new house. It ended up working out well for me, and anyone who is selling their own house may want to devise a strategy of their own that incorporates some of the same techniques.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More