The value of a Realtor is most apparent when asked to place a market value on a property. There is no 
other aspect of real estate that requires as much research, knowledge and continual attention paid to the housing inventory. If sellers question why they should pay a Realtor instead of selling their home themselves, setting the correct market value is one of the most important reasons. The National Association of Realtors has researched the value of a Realtor and have found that sellers, on average, will realize 16% more for their homes by using a Realtor. I believe that a good portion of this percentage is the correct pricing of the property.
A qualified Realtor will spend a good amount of their time viewing properties within the areas they specialize. A Realtor should know every property...it's idiosyncrasies, features, and challenges. Simply reading the information on a computer printout, even with photos, will not take into account awkward floor plans, odors, cleanliness or the surrounding neighborhood.
Some neighborhoods are simpler than others. In a "cookie-cutter" neighborhood, where there are a few floorplans and all were built within a short period of time, a Realtor should be able to come within several thousand dollars of the final selling price. In older neighborhoods where houses have been altered, added on to, where their condition could be original to the date they were built or completely remodeled last year, two houses built at the same time with similar square footage could have a market value that varies $100,000 or more.
Another challenge of placing a market value on a property is the present economy. For example, I specialize in the Land Park area of Sacramento. The heart of Land Park is made up of upper end properties. In completing a market value of a home I am listing, there are no comparable properties that have sold recently. Also, there are no pending sales that are comparable. Since properties are selling tens of thousands below the asking price, I certainly can't take active properties into account. In this instance, I have to rely on my knowledge of the area and what I believe a property will ultimately sell for. I will make adjustments for properties that have sold, even though none of them come close to the features of my listing. After working this neighborhood for over a decade, I will have a "sense" of where this home should be priced.
In the end, the buyer will set the value when they offer a contract that is negotiated to a satisfactory conclusion for all parties. The Realtors job is to get that offer to the table.
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