Get an appraisal
You don't want to price your home too high or too low. An appraisal will compare your home to other homes that have sold in your area and will help to predict a real good idea of the value of your home. This is a good starting point. Combined with the following steps, you should have a realistic listing price that is reasonable and competitive.

Conduct your own research of neighborhood homes
Use Domania.com's free tool to find out how much another property sold for. Get flyer's of area homes to compare to yours. Find out what kind of successes and failures they've had.

What would you pay for your home or property?
You're going to get a lot of advice from friends, agents, buyers and sellers about how much you should sell your home for. Many times, it will be for thousands less than what you believe the home is worth and sometimes it will be for more. Don't consider them to be more of an expert than you are about your home. With good research, you should be able to calculate a pretty good estimate of your home's value. Put yourself in the position of the buyer. Would would you pay for your home?

Additional Costs
Consider the costs of selling your home (or preparing your home to sell) such as improvements, repairs and advertising. Include in your budget incentives. For instance, you may want to offer a "cash back at closing carpet allowance" if your carpet is old or a non-neutral color. People love to know they will get cash back at closing.

Test the Waters
It's critical that your home be competitive in price. Buyers do comparative shopping and act fast on a good deal. A good priced home will attract attention and generate interest from home buyers and brokers. If you aren't seeing the activity, it is a clear indication that the listing price is not satisfying the marketplace test.

Leave room for negotiation
Buyers like to know they are getting a good deal. If you list your house for $250,000 and refuse to negotiate an offer received of $245,000, your potential buyer may not feel that you are a willing participate in this (hence the term) "negotiation". If $250,000 is your goal for this sale, set your price a little higher to leave room for negotiation. If you are negotiating a contract and come down to your desired price of $250,000 - then you are happy and the buyer get's a warm fuzzy that he got a good deal.

"For Sale by Owner" yard signs
The big red ones are the best. Everyone easily recognizes this sign. During election years, there will be many colorful signs decorating yards across the U.S. so keep with the traditional For Sale by Owner signs.

Directional signs
Place these at the end of major streets. Use several if you live on a low-traffic street. Write your address on the signs with a permanent marker (to avoid possible theft of your signs). Unfortunately these signs will get torn down, mowed down or simply fall apart in the weather, so don't invest too much expense in these signs because you'll be replacing them a lot.

Flyer box & flyers
It's very important to have flyers. You want your home to make a memorable impression in the buyer's mind when they drive by and spot it. Without a flyer, they are forced to scribble brief info about your home on a McDonalds napkin. Give them a full page flyer with a photo of your home, best features, price and most importantly contact information. When you upload your listing information, click on the "Flyer" button and use these in your flyer box. Post your flyers on university bulletins, church bulletins, work bulletins and at local markets. Many homes have been sold with this simple effort. Your buyer will be glad you did it too.

Internet Marketing
Take advantage of the Internet. In 2003, 35% of real estate sold was located on the Internet and each year, the statistic gets higher. TennesseeHomesFSBO.com is a great start - it's effective and FREE. You may want to put your property on other FSBO websites also such as 10Realty.com, forsalebyowner.com, fsbofreedom.com or homeportfoliojunction.com.

MLS
This has always been the real estate agent's magic weapon. But now, you too can list your property on the MLS. It's can be very effective! Put your home in front of real estate agents all across the U.S. Save thousands of dollars in real estate commissions by listing your home for just $299 - $599 flat rate. With MLS advertising programs, if a buyer's agent finds a buyer for your home, you will pay the buyer's agent a commission. But you will not pay a listing agent commission. However, if you find your own buyer without the assistance of a Realtor, YOU WILL OWE NO COMMISSIONS! See if MLS is available in your area and the rate on TargetMLS.

Newspaper ads
Print ads are usually expensive, but it can be a very effective tool in selling real estate. Put something like, "See photos on www.website.com" and buyers become very interested in seeing your property especially if it just takes a minute and they don't have to drive to it.

Bulletin Boards
Post your flyer on every bulletin board you know of - Grocery store, your job, universities, your church and gym.

Open House
Instead of showing your home each time someone calls and wants to see it, pick one or two days each week and a specific time (a couple of hours) that you know you'll be home and schedule to show your home at that time. Post this time on a pre-recorded message for when you are away from the phone. Once or twice a month, schedule a formal "Open House". Set snacks out on a table with full-color flyers. Put up big red open house signs and advertise the open house in the local newspaper.

Word of Mouth
Tell your friends, fellow employees, relatives and members of groups you belong to. A lot of times people haven't given much thought about pursuing another home until they find out that your home in a very ideal location has become for sale.

Mortgage
Figure out how much income a buyer will need in order to qualify for a mortgage on your home.

Know your buyer
Find out what is motivating the buyer. Has their lease expired? Do they need to move quickly? Learn to ask people about their finances before you begin negotiations. Don’t entertain buyers who could never afford your home. Research their financial security. Ask about their job. Otherwise, you are just wasting everyone's time. But don't give away too much information about yourself. Don't let the buyer know that your job is relocating you 500 miles away or that you can't buy that beachfront home until you sell your current home.

Phone Calls
Watch out for callers who ask if you'll take no money down or carry the mortgage, especially if they don't seem to be interested in the amount of square footage in the house or other important information. They may have credit issues. If they don't have a pre-qualified mortgage, you may find yourself tied up for months in a contract that eventually goes nowhere.

Passerbyers
Don't admit a stranger who knocks on your door into your house. Insist on an appointment time and as a safety precaution - a phone number, so you can "Call to confirm the appointment."

FSBO Kit
Tennessee is very specific about the legalities of selling a home in Tennessee. Certain forms are required under certain circumstances (lead paint, age of house, disclosure, etc...) Some FSBO Kits have generic contracts with generic forms that would most likely not satisfy Tennessee's requirements. So how do you get the form's you need? EASY! Decide in advance which title company or real estate attorney will close the sell of your home. They will be more than happy to supply you with all the contracts you need and you won't have to worry about Tennessee's real estate sale requirements not being met. If you want to get everything you need online, visit USLegalForms.com to get your state-specific FSBO contracts. Remember: The state the property is located in will be the state forms you need.

Understand the Contract
There are many details to discuss before a sale can be considered final: price, inspections, closing date, possession date, buyer concerns and objections. Make sure you fully understand the contract you are using. Put all terms that were verbally negotiated in the contract. This will protect you and the buyer.

Title Company
Select a Title Company with experienced real estate lawyers - they can provide state-specific contracts, help you evaluate complicated offers, act as an escrow agent to hold the down payment, evaluate complex mortgages and/or leases, review contracts and finalize your home's closing process. Their fees are usually a couple hundred dollars and their service and experience are invaluable.

Good Luck to you in selling your home!