Homeowners can find out about the selling prices of houses in their neighborhoods by using special real estate search engines like Trulia that allow them to use their ZIP codes to check the prices of recently sold homes. They can also ask real estate agents which local homes on the market they should check out and compare to determine an approximate price for their own homes.
Common factors that determine the overall price of a home include square footage, the number of baths and bedrooms, age, structural condition, geographic location and amenities. It's best that homeowners only compare the prices of homes as far back as three months; any more than that can give a disproportionate value. Homeowners who live in major metropolitan areas where real estate prices constantly fluctuate should look back no further than 60 days.
Homeowners should bear in mind that the price a home is listed for may be more or less than the home's actual value. The current real estate climate has a large part to play in how much a homeowner can ask for their home. Sellers should also keep track of which local properties have been on the market for an extended period of time and why.