01-pantone-sandAverage. Beige. Noncommittal. Middling. Not exactly the stuff of great marketing
– unless you’re figuring out how to best price your house.

 

Smart pricing hangs on one principle: have a good reason for the price. That’s why market research is essential (and why realty agents use a free market analysis to start pitching you to list with them).

No house is exactly average, and you certainly want to focus on the unique characteristics of your house when marketing it. But the average selling prices in your area are the perfect place to start. In fact, a professional appraiser typically starts by averaging the sales prices of recently sold houses and then adds or subtracts value depending on the features and condition of the particular house she is appraising.

Currently, the average existing home sale price in March was $222,700, according to the National Association of Realtors. (Houses sold through USRealty.com are included in that average because USRealty.com lists houses through agent-owned multiple listing services, by USRealty.com brokers.) The average home price nationally is up 5.7% from March 2015.

The average price is a good point of comparison for your area. To price your house accurately, though, you need to pull data from the latest reports from your local multiple listing service. (Check out the home pricing guide at USRealty.com for additional home pricing tools.)

Use Trulia and Zillow, along with custom pricing reports, to see the recent sale price of houses in your neighborhood. The more similar those houses are to yours, the more likely it is that your house will sell for about the same price. When you have several prices of houses similar to yours, you can average them to come up with a highly likely sale price for your house.

When it’s time to negotiate with a buyer, these steps illustrate the logic that supports your asking price. And that’s when being average also gets you to ‘sold.’