Real estate agents use a combination of techniques and sources to pinpoint an approximate selling range for your home.

Mostly, this involves reviewing real estate databases to find simliar properties that are currently on the market or recently sold.  The agent also may have local knowledge that influences prices in certain parts of suburbs or particular streets.  The agent uses judgement to weigh up all the factors that influence market value, such as: features; age, location; build quality; size; views; proximity to community facilities, etc. But, as you know, every property is different.  Unique.  So the market appraisal does not set a definitive value.  It is always an approximation and designed to get the property on the market at a price point or price range that will attract the attention of buyers.

Understand these things:

• What you paid for your property has no bearing on its worth today.
• The amount of cash you need has no bearing on its worth today.
• How much you owe on the property has no bearing on its worth today.
• What you want for the property has no bearing on its worth today.
• What a real estate agent says your property is worth has no bearing on its worth today.
• What a bank valuation says your property is worth has no bearing on its worth today.

• A property’s worth, or value, is only determined in the market place — when a buyer and seller come together and agree on a price.