A real estate agent's assessment of a property's fair market value, done to determine the most probable price range that a buyer would be willing to pay for a property that is on the market. The price is established by comparing the owner's property to similar properties that have sold in the area within the past 3-6 months.  In addition, what is currently for sale (your potential competition) in that area plays a role in what your property should be listed at when put up for sale.