We’ve all checked our homes estimated value on Zillow or realtor.com. Each site calculates this amount differently and for those of you thinking of listing your home this year, you may be wondering, “What is my home really worth?”

Any Realtor® will tell you to take online estimates with a grain of salt. Pricing a home is more complicated than an algorithm. Packaging and pricing – check out the milk analogy in this HGTV.com article – are the two most important elements when trying to sell your home. And, there are many factors to consider, including:

• Study past sales.
• Do not confuse active listings with past sales.
• Do not overprice because you have “time.”
• Leave some room for negotiation, but don’t overreach.
• Think like a buyer.
• React swiftly and decisively.

Remember, first impressions are key in this competitive market. According to the HGTV.com article mentioned above, many studies show the first two weeks your property is listed are the most important for exposure to active buyers. You don’t want them to pass over your property because of price, and have your home end up on page two of future buyers’ real estate searches. Keep this in mind while conducting initial research and determining what you think your home’s value is.

Also, think about enlisting a Realtor, who can conduct a formal comparative market analysis (CMA). Realtor’s not only have experience and expertise, they have many tools at their disposal to ensure you have the most accurate information when determining your home’s value. They could be your best tool when determining the list price that helps your home stand out.

Photo credit: Sold Sign and House | by Guy Kilroy