In some homes, it’s extremely difficult to come up with what the selling price should be. Maybe you have features that no other homes in the area have. Maybe you were larger or smaller than the competing homes. Maybe your location comes into play. They may be on the corner of a busy highway. You may have a nice country home overlooking a lake.
All of these factors make it difficult if there are not similar homes available or recently sold homes to compare it to. It may be time to ask for professional help at this if you run into a situation like this.
By professional help, I mean get an appraisal. When you do come up with a home buyer, and the buyer is financing the purchase their bank will have an appraisal done. This appraisal is for the banks protection as they do not want to lend more than the house is worth in case they need to foreclose. What they do is they have an appraiser come up with a value, and they will lend according to that value.
The benefit to you is if you have an appraisal done you will know what the bank will lend up to and you can use that to set your asking price.
