How Do Real Estate Agents Determine the Value of a Property?
When it comes to buying or selling a property, one of the most crucial aspects to consider is its value. Real estate agents play a key role in this process, and their methods for determining property value are both nuanced and multifaceted. In this blog, let’s explore the key techniques and considerations that real estate in Essendon agents use to determine the value of a property. Comparative Market Analysis (CMA) One of the primary methods real estate agents use to determine property value is Comparative Market Analysis (CMA). This involves comparing the property in question to similar properties (often called “comps”) that have recently sold in the same area. Agents look at factors such as: Sale Prices of Comps: The sale prices of comparable properties provide a baseline for estimating the value of the property. Property Features: Comparisons are made based on similar features such as square footage, number of bedrooms and bathrooms, and lot size. Location: Proximit...