Tip #4 Go home shopping yourself.
One of the most informative ways to get to know your competition is by viewing other homes on the market and trying to identify features that are popular and to discover what turns buyers off. Plan on spending a couple of weekends touring other homes (Open Houses are a good way to observe) on the market to learn what other sellers are asking. Be sure to make note of the floor plan, condition, appearance, size of lot, location and other features. While you visit these homes, be observant to the details (and what other 'buyers' are saying), this will help you acquire a good understanding of how different features affect pricing. It is at this point that you can apply what you've learned to the task of setting your price. It is important to include in your equation what homes are actually selling for, not just simply what people are asking. Your Professional REALTOR can assist with a Comparative Market Analysis. And remember, if you're serious about selling your home quickly, don't be more expensive than your neighbour.