Frame of Reference
You thought your house was worth $150,000 but your neighbor just sold his very similar house for $200,000. How can you determine if your house is worth a lot more than you think it is or whether the higher sale was just a matter of luck?
Our agency makes a practice of charting actual sale prices in the area. This information, which we call "comparable sales data," is used as a general frame of reference. To this base would be added specific property related criteria to arrive at a reasonable market value for a particular home.
In addition to pure numbers, emotion plays a role in a buyer's decision. That, and other factors, such as supply and demand, may lead a buyer to pay more for a home than the land, bricks, and mortar appear to be worth.
If you visit our office, we can share our comparable sales data with you and give you a good idea of the current market of your home.
