First look at what has sold in your area.

Focus on homes that sold in the past 6 to 12 months, that are located within a mile of the home if in a city and within 5 miles if a rural area. This approach requires some time. You would go to a real estate search engine like your local mls consumer website (click here to find your local mls.) or Zillow.com, enter your area and use the filter to find homes similar to yours. Sort them buy cheapest to most expensive. If your home is in need of work, look at the homes on the low end of the range, if it is in average condition look at homes in the mid range, and if your home has been updated look at homes on the high end of the range. You can subtract 5% to 10% off the asking price to account for real estate commissions being paid and wiggle room the owner would like to have. Focus on the homes closest to yours, ideally in the same school district. Account for the difference in property taxes, the number or rooms, bedrooms, and bathrooms, size of the yard, oil vs gas, and if the homes has a garage and finished basement. Remember these are general things. Factor in whatever is unique about your area when making mental additions and subtractions for these things.

Consider if your location is better than any of the sold and currently listed homes.

You want to consider the proximity to parks, trains, schools, and stores. Location is the number one factor in real estate. Therefore if your home has something special about its location take this into consideration.

All of the above will not only help you price the home for sale but when you are receiving offers you will have supporting evidence for your price point that can be shared with the potential buyers to bolster your position.