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When buying or selling a home, the first and most important step is deciding on your selling price. If you’ve have owned the home for any amount of time the value has almost certainly changed since you bought it. It may have gone up, or, in some cases, it may have gone done. How do you decide how much to ask for your house?

You could pay to have the house appraised. That will give you the actual value of the house. Depending upon market conditions, this may or may not reflect the highest price you could expect to receive on the open market. Depending upon your geographical location, you may pay $350-500 or more for a professional appraisal.

For most people, one of the other first steps to selling their house is choosing a realtor. Any good realtor will help you determine the right price for your house. The realtor is financially motivated to set the right price for your house because his or her paycheck depends upon it. They want the house to sell for as much as possible because their commission is based on the selling price, but they also want to sell the house quickly so they get that commission check sooner rather than later.

Real estate professionals generally use a variety of means to set the value of home that is about to go on the market. They assess the neighborhood and whether the house and property is typical for the area. If it is markedly different than the rest of the neighborhood, that can affect the home’s value dramatically, in either direction. The realtor will also tour the house and take measurements of the living space.

Perhaps the most important factor in determining the home’s current market value is an evaluation of recently sold and currently selling comparables. These are homes that are similar to the client’s house. The square footage, acreage, number of bedrooms and baths, year the house was built, and other variables are matched as closely as possible with other home in the same area that have already been priced. Recently sold homes offer the best evidence of what the market will bear since these properties found willing buyers.

After doing his or her homework, the realtor will schedule a meeting with you and will show you the list of comparable homes. Be sure to also check out the number of days on the market for those comparable homes. Homes that sold very quickly may be at the lower end of the market value while those that took longer may be at the high end of the range. You should decide whether getting top dollar is more important than selling quickly and discuss your needs with your realtor during the price-setting meeting.

A qualified realtor is your best bet in getting fair market value for your home when you decide to sell. The value of this service alone can be worth the price of the realtor’s commission.