All homes have a price, and sometimes more than one. There's the price owners would like to get, the value buyers would like to find, and a point of agreement which results in a sale.

In considering home values, factors like local sale prices, community supply and demand, owner needs, and sale incentives are important to consider.

Because all transactions are unique there is some flexibility in the marketplace. The amount of flexibility depends on local conditions.

Suppose you're selling a townhouse. There have been five recent sales of the model you own and those sale values have ranged between $200,000 and $210,000. These recent sales give you an idea of how your home might be priced. In a strong market perhaps you can ask for $210,000 or a little more. If the market has slowed, $210,000 may be a reasonable asking price, but perhaps more than the final sale price.

Here's another example. Imagine that you live in a community of Victorian-style homes, most of which were built in the 1920s. All the homes are different in terms of size, condition, modernization, style and features. In such a neighborhood, an average sale price is just a statistic without much practical meaning. On a single block one home may sell for $400,000 while another is priced at more than $1 million. For this reason, the average price may be outrageously high for one home and staggeringly low for another, making this figure unsuitable as a price-setting standard.

Experienced REALTORS® are active in the local marketplace and can provide assistance with pricing, marketing, negotiation and closing. Because REALTORS® have likely handled many transactions, they're familiar with the terms and conditions that went into individual sales, not just published sale prices which may not reflect various premiums, discounts and adjustments.