Things to consider in valuing your home are, first, how does it compare to like kind homes that have sold recently? Recently meaning within the last three months, I believe six months is too long, in this markets things are changing daily. Is the asking price fair? In other words is in within reason. What value do you place on the advertised features and amenities and the lack thereof. You need to really take a realistic look at your home, understand that the market is not going to be as emotional as you may be pricing.
Zillow home valuation, RealestateABC.com, Reply.com are among a multitude of websites that can help you arrive at a price. They are not exact but should give you a pretty good idea on the price range. If you have time call around .and ask for Real Estate agent's opinion, go to as many open houses as you can in your neighborhood. Stick with similar properties, same look and feel and withing15% on square footage.
Looking at "Comps"
Knowing whether an asking price is realistic will be vital when you're ready to make an offer on a house. Why? Because if the house is priced too high it will never appraise at the negotiated price, so either you put addition funds or the seller must drop the price.
Check with your agent, Zillow.com, propertyshark.com, or other websites to see recent sales of homes in the area that are similar, or comparable, to what you're looking for. It is advisable to print them out and keep these "comps" in your three-ring binder; you'll be referring to them quite a bit. I know it sound like a bit much, but it may save you thousands. I don't think you will ever lose buying in California as long as you hold on to the property; it doesn't make sense to overpay.
Note that "recent sales" means within the last six months in today's market I recommend three months. A sales price from a year ago is useless it has little or no relation to what is going on in your area right now. In fact, most lenders will not accept comps older than three months.
The market's activity also determines how easy or difficult it is to find accurate comps. In a "hot" or busy market, with sales happening all the time, you're likely to have lots of comps to choose from. In a less active market finding reasonable comps becomes harder. Also with properties that don't fit the norm for the neighborhood, over build homes. And if the home you're looking at has special design features, finding a comparable property is harder still. It's also necessary to know what's going on in a given sub-segment. Maybe large, high-end homes are selling like quickly, but owners of smaller houses are staying put. Normally the cookie cutter homes move quicker, three bedroom, two bath, etc.
