There are many strategies you could use to determine the best price for your house, and setting a realistic price for the house will guarantee continuous viewer traffic, a reasonable sale time, and the maximum amount of money in your pocket.

The critical first step is to identify if you are selling in a sellers' market or a buyers' market. A sellers' market is when there are more buyers than houses on the market resulting in houses selling quickly, and in some cases over list price and often with very few conditions. Economic prosperity, high demand for labor, community redevelopment, and urban growth and expansion are all conditions that contribute to a sellers' market.

A buyers' market is when there are more houses for sale than buyers, resulting in houses taking longer to sell and falling sale prices. It is the absolute opposite in every condition of a sellers' market. Another contributing factor is the number of days on the market. Typically in a buyers' market, houses stay on the market longer because there is a decreased demand and increased supply of properties for sale. By definition if the average days a property is on the market is higher than 75 days it's a buyers' market, and must be over 100 days to be in a strong buyers' market.

Next, identify houses already on the market that offer the same features and general floor plan, and compare those against your house. Take into consideration the location, age of the house(s), the number of bedrooms and bathrooms, the square footage, garage or parking availability, and the level of basement development. Then look at surface finishes, landscaping, professional upgrades and other features like fireplace, air conditioning and central vac. Using these comparables, and the information you received from the Home Inspector and the Appraiser, evaluate how your product stacks up against the competition and set your price accordingly.

If you would like to gather additional information to complement the professional appraisal, try an on-line source such as www.homevaluationscanada.com where you can fill out and submit a form detailing the various aspects, features and benefits of the property. The report is generated instantly and emailed directly to you; however, because the information provided is subjective and the report is in an electronic format, there is a higher margin of error. Also, an in-person appraisal is generally accepted by most banks or financial institutions, and an electronic report, although very cost effective and fast, is not. Both are merely an opinion of the property's value.

Attending neighborhood open houses provides a clear idea of what properties are selling for, and puts you in touch with real estate professionals who are very aware of the market in your area. Conduct additional research on-line checking MLS listings, other "for sale by owner" listings, and following up with owners after the SOLD sign goes up to ask how the selling process went and what the final sale price was for the property.

Gathering information is the best method for determining the best price for your house - the more information you have the better. In a sellers' market, prices change almost on a daily basis so it is crucial to stay well informed of the real estate cycles and know when your area is coming out of a sellers' and into a buyers' market. It could mean the difference between $375,000 and $345,000.

When settling on a price, keep it to round numbers. Buyers typically begin their search on-line and will enter a range in $5000 increments. If you list your house at $374,900 your house will come in on the high end if the buyer has indicated a maximum amount of $375,000. And your listing probably won't show up if they indicate $375,000 as the minimum.

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