“You have several options in determining the value of a property. My recommendation would be to engage a professional, such as a realtor or an appraiser, to help in this determination and do the legwork for you. Sifting through courthouse records in search of comparables is a tedious job, but an experienced professional has access to this information.
A realtor is knowledgeable in accessing the local Multiple Listing Service to retrieve data necessary to determine the value of your property. It is imperative that “like” properties be compared to come up with the most accurate value of your property. Both the realtor and the appraiser will realize this necessity. Both will take into consideration the other homes sold, the active homes that are competitors, and the homes pending and contingent.
All of this data compiled is considered a market analysis and determines the most accurate value of the property. It is an exercise Realtors perform on a daily basis to best serve their clients, whether they are buying a property or getting prepared to list a property. Knowledge is critical, and being armed with this knowledge will give you a better understanding of your property and the comparable market. ”
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