Pulling the right comps
Find 6–10 sold homes that match yours on: distance (<1 mile, same school zone), size (within 15% on square footage), bedrooms/bathrooms (exact match preferred), and sale date (last 90 days). Use sold price, not list price — list prices are aspirations.
Drop the highest and lowest, then take the median price-per-square-foot of the rest. Multiply by your square footage. That is your starting estimate.
Adjusting for condition and features
Walk each comp's listing photos. If a comp had a renovated kitchen and yours doesn't, knock $10–$25K off. If yours has a finished basement and a comp doesn't, add $20–$50K. Bigger lot, garage size, view, age of roof and HVAC — all justify small adjustments.
Be honest. The biggest pricing mistake FSBO sellers make is over-valuing 'upgrades' that buyers consider table stakes.
Setting the list price
Take your adjusted estimate and list within 1–3% of it. If estimate is $310K, list at $310K or $315K. Listing at $339K to 'leave room to negotiate' just kills early showings — buyers do not visit homes priced 10% above the comps.
A small psychological pop ($299,900 vs. $300,000) does help on portals where price filters cut off at round numbers.
The drift trap
Here is how overpriced FSBOs die: list at $340K, no offers in 30 days, drop to $320K (which is what the home is worth — you have now been on market a month, looking stale), drop to $310K at 60 days, get offers at $295K because the market reads the listing as 'something must be wrong.' Net result: ~$15K less than if you had listed at $315K on day one.
Resist the urge to start high. Price right, sell fast, net more.
When to adjust price
Use showings, not days, as your trigger. After 10–15 showings with no offers, drop 2–4%. If you are getting fewer than 1 showing per week, drop sooner — the price is filtering you out of search results entirely.