How much is your home really worth?

The million dollar question when selling property is: "What is it worth?"

So let's talk about what you need to know to determine the value of your house.

Firstly, and contrary to popular belief, it's not you or your agent that sets the value - it's the market. So you need to be objective.

There are a number of options you can consider to help you choose the right price tag, and a good starting point is a service like www.onthehouse.com.au. This website enables you to research the sales history of properties and analyse comparative properties, helping you to understand the expected value of your home.

You can also look at similar 'sold' or 'for sale' properties, focusing on an area within about one kilometre of where you live. This will reflect a realistic value of your home, but make sure you compare apples with apples. Look at location first, followed by size, condition and features.

Once you've done your homework, it's time to consult with two or three experienced, local real estate agents to provide an indication. If you've done your research thoroughly, you will know if they are over- or under-pricing your property.

Remember, knowledge is power. Good luck!