Many things determine the value of a home. Location, lot size, age, and quality can all effect what someone can ask for a home. Also, market factors need to be taken into account - is the home in a desirable neighborhood, or is it a buyers or seller's market?

If you feel a bit overwhelmed, don't worry. A good real estate agent can help walk you through the process of paying a fair price for a house.

You also have access to online resources that can help you estimate the price of a home. For a quick comparison, you could look at a website like zillow.com.