How does a Realtor determine a home’s value?

“A home’s value is determined by looking at similar style and size homes and their features and benefits, then comparing the subject property to them. We look at homes that have sold in the past 3 months and ones currently on the market. In a declining market, such as ours, the subject property needs to be priced below the past solds. The percentage of the reduction is predicated by the current market.”

Pat Fenton
Web Site: www.patfenton.com
Email: pat@patfenton.com
Phone: 978-524-8717

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"As a sales broker with 25 years of experience, I consider several avenues to determine price. First, in today’s market, which many still consider uncertain, I consider properties which have sold over a 3-6 month period. These properties typically tell the true story of home values, i.e. sold price to asking price, days on the market, number of price reductions. Sold properties indicate the market reality. I am extremely selective in the properties I choose for comparison, selecting style to style, size to size; I compare 'apples to apples.'

Next I research properties which are currently under agreement. These properties indicate what buyers perceive to be a good value in today’s market. Lastly, I look at what the new property is competing with in regards to price, style, condition, days on the market, number of price reductions. Asking Prices in today's market are what buyers perceive to be the seller's wish, not necessarily true market value. The market and my experience in successful selling in this market suggest only properties which are priced competitively result in a SOLD."

Margaret Belmonte
Web Site: www.margaretbelmonte.com
Email: margaret@margaretbelmonte.com
Phone: 978-927-2737