Great question. That number is usually determined by several factors. First, would be to do a comparable sales search. By that, I mean you would take a look at direct comparable properties (similar size, sq. ft, beds, baths, area, etc) that have recently sold (within the last 3 months) and compare them to the property you are inquiring about. That will give you a good idea of whether or not this property is price right, under priced or over priced.
Second, you would want to inquire as to what features the home has. Are there upgrades? What about appliances and other working parts of the home (are they new, etc)?
Third, you would want to inquire to see how many offers there on the current property?
If you need further assistance, please contact me directly to establish a specific asking price. Have a great week!
Ahmad Zeki, J.D.
(916) 295-0071 Direct