How Does an Agent figure out the Value of a Home?

How does an agent figure out the value of a home?

We don’t. The market figures out value.

To determine a selling price for your home, an agent will take into consideration all information humanly possible:

What else that is comparable (like kind and quality) has sold, how quickly, and for how much. What else that is comparable (like kind and quality) is for sale right now, how long has it been for sale, and for how much.

(Fancy term: market analysis)

Then add to the market analysis: does it have gold paving or smell like a litter box. Is it next to a loud train station, or can you walk to the river with a private boat launch.

All that taken together = price.

If it doesn't sell, your price was too high, If it sells in 34 minutes, your price was too low.

“Price is what you pay.

Value is what you get.”

Warren Buffett