How Does an Agent Determine a Home’s Comparative Market Value?

    There are three main factors agents use to give a property a comparative market value: the proximity of the other sales, the property’s square footage, and the most recent sales in the surrounding neighborhood.

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    How do agents complete a comparable market analysis on a property?

    First, we consider the proximity of the other sales that are closest to the property. We want to make sure we’re looking within your specific neighborhood first before look outside of it

    Next, we consider the property’s square footage. It’s important that we only compare a single-story home to a single-story home or a two-story home to a two-story home. There are several differences in the price per square foot of a smaller home versus a larger home. For example, the price per square foot of a smaller home will be much higher than the price per square foot of a larger home.

    It’s no different as far as land goes, either. When we consider the price per acre for a single acre, it will be much higher than the price per acre of 50 acres.

    Working with an agent will be more beneficial than an online tool in determining your property’s value.

    The last point of consideration is the date of sale. We compare your property to the most recent sales in the surrounding neighborhood. We look back as far as three months, and if we can’t find sufficient sales in that time frame, we go back six months.

    An appraiser will take other things into consideration when determining your home’s value, such as what renovations or upgrades it’s had, its lot features, etc., but these are the main things we look at first. Having an agent provide you this information is a much smarter option than using an online tool, as they can’t distinguish between these kinds of characteristics.

    If you have any more questions about how us agents make a comparable market analysis for a property or you’d like us to give your home a comparable market analysis, don’t hesitate to reach out to us. We’d be glad to help you.

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