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real estate brokers will provide you with a complete market
analysis on the current value of your home. The way this
is done is by comparing similar properties in similar neighborhoods
that have sold recently. We also look at what similar properties
are currently on the market or under agreement. If a home
sold quickly, it was most likely priced accurately. If it
sat on the market for awhile, it may have been a tricky
location or it could have been overpriced.
Some
criteria for comparison include number of bedrooms and
bathrooms, condition of house, whether or not there is
a family room, whether it is on a cul-de-sac or a high
traffic street, and neighborhood popularity.
We
also try to compare colonials to colonials, ranches to
ranches, and new construction to new construction. Once
the comps are researched, we see where your home fits
in (some homes will have sold for more than yours is worth,
some for less), and assign it a market value.
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