How Do Real Estate Agents Determine Property Values?

How Do Real Estate Agents Determine Property Values?

It is quite an obvious and logical phenomenon that people try to sell their properties at the best rates possible. You definitely will prefer not selling your property, than selling it at a lesser price than its worth.

Consulting a real estate agent is the most suitable choice to sell your property at the best rates possible. But how do real estate agents determine property values? Let’s see.

Comparative Market Analysis:

Real estate agents determine the value of your home or property by comparing them to the recently sold houses and the properties that are enlisted to be sold.

Mostly such types of properties are compared that are in similar locales and share common characteristics such as the number of bedrooms.

Adding Price Adjustments:

Adjusting prices is essential to home sales because every home and property is different. Moreover, you cannot depend solely on the formulas to sell your house. For example, if your home has nicer landscaping or extra footage, your real estate agent may get your home listed at a higher price through price adjustment.

Considering Other Factors:

Your real estate agent knows market trends in a better way and other factors that are beyond your control. And hence, he can help you get your home tagged at a higher price.

Sales Negotiations:

A sale does not always go at the listed price and always involves some concession. Your real estate agent is well aware of this fact and can not only list your home at a suitable price but can also negotiate by offering concessions that are in favor of both you and the buyer.