I would be happy to do a free Compartive Market Anaylsis for you to show you what your home might sale for in todays market. Give me a call or email me. I am happy to help For Sale By Owners.
Keller Williams Clients Choice
Soli Deo Gloria
General advice is only good up to a point. A local Realtor is going to be tuned into what is happening in your market.
A word of caution ... you may sit on your home for much longer going it alone, and that is going to affect how many people come looking if you don't price it right.
It costs nothing to talk to a few Realtors in your area. So, why not talk to several?
Certainly having an appraisal done would be one way to get some idea of what your home might be worth and certainly a better one than using an online estimate from a site like Zillow which is worht exactly what you paid for it, "Nothing at all"
What you should realize is exactly what's involved in getting your home marketed and sold and while it's your home and you can do whatever you like, I assure you it's take more work than you might imagine and pricing it wrong to begin with will only come back to bite you in terms of the final sales price.
If you want some good advice take some time find an experienced Realtor and do as they suggest.
Of course, the tricky part is that appraisers base their appraisal on the transaction price. With enough hints, they can appraise your home much higher. So, you might as well get a free evaluation from a real estate broker to help you set the right price.
You can certainly "just ask what you want for it", but you'll need some BASIS for that figure, not just what you're feeling, or what you paid for it 5 years ago, etc. The advice below from other folks is on-target and the best route to follow, but if you still want to just ask what you want, at least look at what houses are selling for in the area. You will be very dissappointed if you just pull a number out of the air and get a buyer who agrees to that figure and then their lender gets it appraised and decides that they will not lend on the house at the random number you and the buyer agreed upon. Team Mortaz, below, have given you the basic formula for a CMA, if you go it alone, follow that as closely as you can. Probably worth paying a professional to do a CMA or BPO for you, it won't cost much. Best of luck...
1) Find comps that have are located within 1-2 mile radius of your home.
2) Age of these homes should be within 5 years of yours.
3) Size of these comps should be within 300 sqft of your size
4) Lot sizes should also be compirable For instance, you can't use a comp which are a 1-2 acre lot vs a 6,000 sqft lot. If you have no choice, then your valuation has to be adjusted for the size difference.
5) Floor plan and Number of rooms are critical, but depending on the market location, adjustments per room will be different.
Most brokers do offer Broker Price Opinion for banks which could be utilized to determine a Fair Market Value.
If you don't have someone (i.e. Realtor) to do a Comparative Market Analysis to calculate current market value (based on comps SOLD within the last 3 months), you might want to have an appraisal done so you know current market value of your property.