Whether you plan on putting your home on the market someday soon, or you’re just interested in how much your property is worth from an investment perspective, it makes sense to have an understanding of how homes are priced. When a home goes on the market, there is an overwhelmingly high probability that it will sell for somewhere close to its market value.

So, if a three bedroom, detached home in a neighborhood sold for “X” dollars, you can expect a similar home down the street to sell for roughly the same price.

That’s why real estate agents look closely at recent home sales in the area in order to advise clients on the best listing price.

Are there other factors that determine selling price? There are many. Home improvements like an updated kitchen or bathroom, special features such as a large deck, as well as the general attractiveness of your home, can all increase its value to potential buyers. While some of these characteristics may help boost its selling price, others may simply help you to sell your home more quickly.