How do I figure what price to ask for my home?

You've probably already heard what similar homes in your neighborhood have sold for. But hearsay isn't enough. You need to weigh all the determining factors of the real estate market.

To arrive at a fair price, you need an expert evaluation of all market conditions; in other words, you need a "professional market analysis." This is because market price no longer can be considered as an isolated element. Your home can be worth several different prices depending on the terms you offer, available financing and the condition of your home. For example, a home with assumable low-interest-rate financing could be worth more to a buyer than an identical home that offers only new higher-market-rate financing. What concerns buyers most is not price, but monthly payments.

Your agent is glad to provide such an educated opinion. You'll learn what prices buyers will pay for what kinds of homes in the current market, and you will be able to price your home accordingly.