The value of the property can be done in one of two ways: either a formal appraisal which is very specific or by a competitive market anlaysis which is more broad giving a "range" of value. A formal appraisal will have a cost and must be done by a certified appraiser. Formal appraisals are required by lenders, estates and for legal purposes. A competitive market analysis can be performed by any REALTOR at no cost and no obligation. The maket analysis compares your property to other similar properties currently offered for sale, those recently sold and those that have been rejected by the market often known as "expired" listings. To determine the price range of a property, some basic information is needed including age, square footage, bedrooms, baths, garage, condition and size of the property.