The only way to truly determine the value of a property at any point in time is to discover what a buyer is willing and able to pay for a property by selling it. 

Like it or not, property value is governed by basic economics, no matter what value we might like to put on our homes. This is because the value of property is a function of supply and demand; the more similar properties there are that are available when matched to the demand for that type of property, the lower the value of the property. Conversely, if there is high demand for the type of property you have and fewer of these properties in supply, the price will be higher.

Setting the right price :

Once we have a good idea as to the market value of your home or property, we need to determine the optimum price to position your home on the market.

The first thing you need to understand about property prices is your home is going to be placed on the market with competing properties (homes similar to your own in a similar price range). When you consider the price of your home, you must determine where you would like to position your home when compared to your competition; do you want to be the most expensive property, the best value or somewhere in the middle?

When buyers are looking for homes they will compare your home to your competitors and they will determine your home's value by comparison to others on the market. It will quickly become evident to buyers that your home is either expensive, good value or priced at a fair market price.

Prepare the property for sale

By upgrading specific items that are most appealing to buyers. As we've said before, focus on the kitchen and bathrooms in terms of spending money on major upgrades. However, even without remodeling there are things you can do to add value.

Given the choice between more space or higher quality features, new home buyers are overwhelmingly opting for the latter, according to survey data from the National Association of Home Builders (NAHB).

Among several other observations on what people want in their homes: The top features homeowners want in the kitchen are:

• walk-in pantry (84 percent),
• island work area (77 percent),
• special use storage (62 percent)
• built-in microwave (62 percent).