I may surprise you here when it comes to choosing home values for your property, using neighborhood research. Although I don't recommend this method solely to establish values, I do encourage you to do the research.
It is a great idea to view as many open houses in your neighborhood and also comparative areas of your town, city, or county.
Try to view as many as possible to see what the competition is. You can also use this time to practice Finding a Realtor should you ever need one, but let's stick to the home values for now.
One thing to note here. Try to make sure the homes are in the same ballpark as your own.
For more information about pricing a house for sale, just select any one of the photo links below.
There is no value in looking at a property that is on the market for $950,000 or for that matter, $115,000 if your property will be in the $250,000 - 350,000 range.
Try to be objective. Compare the square footage, age, the number of bedrooms, baths, levels, extras, general condition, lot size plus whatever else you can use to compare with your own property.
If there are feature sheets available at the open house, take one with you. That way you can sit down at home and go through all the features of the homes viewed and compare it to your own.
Although it is important to see as many comparable homes as possible, as a back-up, you can go online and look for properties for sale in your neighborhood listed with MLS.
The problem with this approach is you can't physically compare those houses with your own. As you probably know, some Realtor's make the city dump sound like the Taj Mahal! :)
You will be able to compare your home with others and probably establish fairly close property market values for yours.
You want to compare several homes if available, to get the overall picture. One home could be just over or under priced.
Side Note: When you have put your own home up for sale, it is a good idea to do this exercise again, so you know your competition.
Would we use this method for our final home selling price? No, but it's a great start.
For More Information on Pricing Your House
Select any of these photo links