The approach you choose depends on your motivation, i.e., how fast you need to get rid of the home and how much money you want to get from the sale. Keep in mind that the longer your house is for sale, the more you'll have to spend.

• If time is of the essence, a low price is the easiest way to sell fast. You might even end up with the price you want if a bidding war ensues. Also consider selling by auction. See Step 9.
• If profit is your main concern, you can be more creative.
  • Look into home improvements that will add value and increase your potential return on investment.
  • Make renovations based on your home's era.
  • Depending on your situation, you may be able to sell the house yourself -- aka, go "for sale by owner" (FSBO) -- and save on real estate agent commissions.
  • Consider offering non-price incentives such as new appliances, a furniture allowance or paying for closing costs or interest points.
• If you're a distressed seller and facing foreclosure, read our Foreclosure Guide. Follow this strategy to sell your home quickly.
• Find inspiration in our Top 10 Unique Selling Tactics.

Real estate activity has two distinct peaks during the year -- one just before spring and another in the fall. The influx of potential buyers during these periods can help improve your chances of finding a buyer and selling at top dollar.

• The first peak season typically begins in February or March and runs through Memorial Day, with house hunters looking to buy homes and move in by the summer. Parents of school-age children need to make cutoffs for enrollment and work to ensure a smooth transition for their children.
• The second peak season starts after Labor Day and goes through November. Buyers are looking for motivated sellers, such as those who missed the spring season or are juggling two mortgages.

If possible, avoid selling during the winter months. Most people are focused on the holidays or Christmas shopping, not on buying or selling a home.

Agent commissions are negotiable, but typically range from about 4 percent to 7 percent of your sale price. Sellers who want to save money on the commission will sell the home themselves, or go FSBO. But don't expect to save the entire amount. You'll need to spend money on marketing and preparing the house yourself.

You may be able to go FSBO if:

• You already have a serious buyer
• You know the house and neighborhood better than local agents
• Your local market is so strong the home can sell itself
• You found a buyer who doesn't have a buyer's agent (so you don't have to pay his/her commission)
• You have the time to prepare, show and market the home yourself
• You're a great negotiator and up for the challenge

The potential disadvantages of going FSBO include:

• Pricing your property incorrectly
• Not knowing how to prepare and stage your home for sale
• Inability to market the home effectively
• Inexperience negotiating with buyers
• Unfamiliarity with the closing process
• Potential for legal problems

What great agents have that you may not:

• Access to an insider perspective on market information not immediately available to the public, such as the current selling prices of comparable homes in the area (referred to as "comps")
• Years of experience and extensive contacts and networks
• Read more pros and cons of hiring an agent.

If you decide to go it alone, hire a real estate attorney to review your real estate documents for peace of mind.

Find out what to know before you FSBO and read our For Sale By Owner (FSBO) Guide for more tips and advice.

Choosing the right agent can make or break your sale. First, familiarize yourself with the real estate industry's structure.

• Most sellers work with real estate brokers -- real estate agents who are licensed to advertise property on the multiple listing service (MLS), a database that only real estate professionals can access. Large brokerages like Coldwell Banker and Sotheby's employ several agents. A seller's agent is called the listing agent.
• The listing agent you choose will determine how fast you sell and the price you get. He/she will represent you and look out for your best interests. Your MLS listing will have photos and details about your home, such as the address, age, square footage, number of bedrooms and baths, taxes, school districts and more. Tech-savvy companies will also feature neighborhood data, videos and virtual tours.
• Buyers' agents troll the MLS for listings that match their clients' criteria and work with listing agents to set up home tours and negotiate the transaction. An agent who brings in a buyer typically splits the commission with the listing agent in the event of a sale.
• A Realtor is a broker or agent who is a member of the National Association of Realtors and therefore adheres to certain ethics and guidelines.

When shopping for an agent, look for one that:

• understands your needs
• is the go-to agent in your neighborhood
• has experience selling homes in your area and price range
• has a high success rate
• is well-connected (with buyers' agents, mortgage specialists, appraisers, home inspectors, insurance agents, etc.)

Ask family and friends for referrals or find an agent through the National Association of Realtors. Find out these things when interviewing agents:

• Number of years in real estate
• Familiarity with your neighborhood, home type and price range
• Average list-price-to-sales-price ratio
• Number of home sales last year
• Average selling price of homes sold last year
• Length of time between listing and sale
• Number of sellers working with
• Number of buyers working with
• Client references

Once you've chosen a listing agent, you'll be asked to sign a legal contract with the licensed real estate broker. The listing contract outlines the broker's commitment to find a ready, willing and able buyer that satisfies your price and terms and the seller's promise to pay a commission to the broker.

Terms of the contract are negotiable, including the broker's compensation. The agent is typically paid with a commission based on a percentage of the sale price (about 4 percent to 7 percent). But you can also choose to pay a set fee for a successful sale or pay on an hourly basis.

Decide on the type of listing you want:

• Exclusive agency listing is an agreement in which the seller authorizes only one broker to find a buyer. If the seller finds a buyer, the broker does not get paid.
• Exclusive right-to-sell listing is an agreement in which the broker represents the seller and gets paid no matter who finds a buyer. This is the most common listing contract and is geared to offer the most incentives for the agent and benefits for the seller.
• Open listing is a nonexclusive agreement in which the seller pays the first broker who finds a ready, willing and able buyer. The seller is not represented by a broker and can give an open listing to as many agents as he/she wants. But because it doesn't offer any incentive or guaranteed compensation for the agent, minimal effort is put into advertising and marketing your home.

Exclusive contracts should include:

• Definite termination date - Most contracts outline a 90-day listing period, which gives the broker sufficient time to market and sell the house. After the 90 days, you can renew the listing or list with another broker.
• Broker protection clause - Brokers ask for a buffer period, typically 30 to 90 days after the listing contract expires, which prohibits a seller from directly selling to a buyer. The length of time is negotiable.

Most buyers will want to verify the home's condition and require professional inspections as part of their purchase contract. In these cases, the sale will be contingent upon getting satisfactory inspections. So if there's anything wrong with your house, everyone will eventually find out about it. It's up to you whether you find out now or wait until a buyer finds out.

Consider getting your own professional inspection before putting your home on the market. That way, you can correct any problems you find. Or you can reduce your asking price to reflect the cost of repairs, or give buyers a credit in escrow so they can do the repairs themselves. Be aware that many states require sellers to disclose any known property defects to prospective buyers.

Read why it pays to pre-inspect and get tips on finding the right home inspector.

Fair market value (FMV) is the price a buyer is willing to pay and a seller is willing to accept. It's the amount your house is worth in the market today, regardless of how much you paid for it.

To calculate your FMV, research the "comps" -- comparable homes in your area with similar square footage, construction, age and condition that sold recently or are currently on the market.

• Ask your agent to prepare a Comparative Market Analysis (CMA) report. A CMA is a compilation of statistics that include "Recent Sales" information on homes sold within the past six months and "Currently for Sale" information on any "active listings" similar to yours.
• Use FrontDoor's comparables tool to easily see what listings recently sold in your area and for how much. You can also research local public records. Go online, look at local newspapers or drive around to find homes for sale in your neighborhood.
• Don't rely solely on the CMA. The comps could be incomplete, old or otherwise not true comps for your home. Do a drive-by of recently sold homes. Tour homes that are currently on the market. Make value adjustments for location (i.e. views, near a park, in cul-de-sac, a corner lot), floor plans, home improvements, amenities, etc.
• Using comps, figure out the average cost per square foot for your area, and make sure your home is in line with it. Here's how:
  • Add up the square footage of three to five homes and divide by the number of homes to get the average square footage.
  • Add up the sold price of each home and divide by the number of homes to get the average price.
  • Divide the average price by the average square footage to get the average price per square foot.
  • Multiply that by the square footage of your home to get the price.
• Evaluate market trends, including:
  • Whether it's a buyer's or seller's market
  • Level of competition among buyers in the area
  • Status of interest rates and the overall lending climate
  • Average number of days homes are sitting on the market
  • Whether homes are selling for above or below the asking price (the list-price-to-sale-price ratio)
• Read more about how to calculate market value.
• You can opt to pay for a professional appraisal, which costs about $250-$400 depending on the size of your home. After you sign a purchase contract with a buyer, he/she will get an appraisal as part of the mortgage approval process.

Now for the hard part: pricing your house to sell. This means pricing it according to the current housing market, not what you think it's worth. Be realistic. Unless you live in a neighborhood where demand is always high, you're less likely to profit from your home the way many sellers and investors did during the housing boom a few years ago.

Pricing a home is part art and part science. You're essentially making an educated guess on your home's value by comparing similar properties, adjusting for the differences, tracking market trends and taking stock of current inventory. If you overprice your home, you risk having your home linger on the market and creating a stigma among buyers.

Use your FMV to determine your asking price. Also, consider these pricing strategies:

• Using comps, price your home above the "Sold" prices and lower than the prices on active listings.
• Price low, sell high -- A bidding war could fetch you a higher price. Get tips here.
• Value Range Marketing -- Attract more buyers by offering a price range. Read more here.

Today, many areas are buyers' markets so make sure you price it right from the start.

Also, be aware of any foreclosures in your market. This could affect your pricing and selling strategy.

Real estate auctions have been around for years, but they've increased in popularity as a viable selling method in today's tough market. About $60 billion worth of real estate property was sold at auction in 2007. That amount is expected to increase as the number of foreclosures rises and more motivated sellers turn to auctions to sell their homes quickly or recoup some value when facing foreclosure.

See if an auction is right for you. For more tips and advice on how to sell your home at auction, read our Seller's Guide to Auctions.

If you're selling a second home or investment property as opposed to your primary residence, hire a real estate agent that specializes in representing rental properties in your area.

• Positive cash flow (income minus expenses) is the most important factor in determining a rental property's value, so maximize your property's income and minimize its expenses. Fill vacancies. Consider making upgrades to increase rental income. Research the local rental market to see if you're underpricing units. Make energy-efficient improvements.
• Research local zoning laws and promote any opportunities that would improve your property's use and value.
• Evaluate the tax ramifications. To avoid paying hefty capital gains taxes after selling, defer them by rolling over your profits into another investment property through a 1031 exchange. Consult a real estate attorney or tax advisor to walk you through the process.