Determining Property Value
Usually it is by comparing properties (current listings, pending sales, and recently sold) that a home’s relative worth is gauged. Buyers should view enough similar properties to get a feel for comparable worth (depending on one’s wish list and price range, this could mean many properties or just a few); it depends on the type of home being considered. A buyer needs to compare apples to apples. Sales data is available on this site and also at http://www.thewarrengroup.com/. How long a particular property has been on the market may or may not tell you anything useful. There could have been subsequent list price reductions, or the market for that kind or price of unit may be thin. Or maybe the market is now catching up to the property.