Actually any owner with the help of their agent can establish the price of the house. But the market will tell you if it is priced right. Why do you thinks some homes stay on the market months after months?Often overpriced. Buyers might offer the asking price if they see that value in the house. And as a buyer you can always count on the lender as a safety check - lenders do appraise the homes on which they lend money. If the lenders cannot confirm the home value agreed by sellers and buyers, the price will have to be renegociated or the buyers will have to pay the difference in cash.As an agent I had a situation where a buyer was buying an investment property for cash. Since no bank was involved, I recommended that she pays for her own appraisal. She found out she was paying fair market value for which a bank would have loaned money.So there was something in this old house that must have validated the purchase price.