Thanks to modern technology, real estate prices can easily be found by anyone who can operate a computer. On the other hand, where can you go to find property values? Prices, or more specifically, comparable sales prices are past dollar amounts agreed upon by buyer and seller during a real estate transaction. They may not be indicative of current value. Value is what a savvy buyer will be willing to pay for a home when she or he judges it in the context of homes that have recently sold and those that are currently available in the market. The buyer actually makes a mental and factual comparison of past and current market conditions and determines what the best price they can offer for a home. That represents “the value” to them.
If you are selling your home and you ask a real estate agent what a home is worth, the agent will likely pull public records called “sales comparables,” along with MLS data (Multiple Listing Service Data). Comparables are the selling prices of somewhat comparable houses in reasonable proximity to the home being considered. This is similar to the information that an appraiser will use to compare home prices in your area. In addition, appraisers survey the condition of the homes they use as comparables.
During the listing process, your real estate agent will most likely provide you with the three to five most comparable sales. Because our database is extensive, the HomeSmart Value Report provides you with many more comparables, to enable you to gain an accurate picture of the nearby housing market based on a larger sample or review. Appraisers are more practiced at selecting comparables since they do this work everyday. Our goal is to provide you with more information so you can see the relative comparisons to the property you are considering. Additionally, we provide you with a statistical range for value-based pricing.
By having access to information about your home’s value, you will be better able to make educated decisions about pricing and negotiation. Our reports contain information previously only available to mortgage lenders. Now you can have access to this information within one minute for the low one-time cost per property of only $24.95.