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Take Some Confusion Out Of The House Hunting Process
The value of a home is determined by it's "Market Value". Market Value is defined as the price a willing seller will accept and a willing buyer will pay for a property that has been exposed to the market for a reasonable length of time.
To determine Market Value you look at similar homes in the same area that have sold recently (preferably within the last 6 months) These are called "comparable sales." These are homes that compare closely to the one you are wanting to purchase. They should be similar in square footage, number of bedrooms and bathrooms, garage space, lot size, and type of construction.
Finding comparable sales is easier if the home is part of a tract of homes where you are most likely to find the same models to compare against one another. If it is not in a tract if is often more difficult to find sales to compare to.
Real estate agents have access to the records of recent sales as well as descriptions of the homes that have sold recently.The agent will know how to properly interpret this data and adjust it to compensate for varying condition of the homes and any additions or variances on each property
A Buyers Agent will provide you with all the data you need, interpret that data for you, and assist you in determining what to offer for a home.
While a Sellers Agent can provide the raw data, they are not allowed to help you evaluate that data or to assist you in determining what the home is worth or what your offering price should be.