The reality is that the market determines the value of your property. Your property is only worth what someone is willing to pay for it. When considering a listing price, it is important to consider the following important points:
Location
Size
Condition
Current market conditions (Buyer’s Market, Seller’s Market or Balanced Market)
As you may be aware, location is usually the most important factor to take into consideration. This is important to keep in mind both when buying and selling a property. One of the best ways to determine the approximate value of your property is to complete a comparative market analysis (CMA) in order to compare your property to other similar properties that have recently sold in your area. It is important to compare your property to properties that are as similar to your property as possible in order to estimate the most accurate value.