How does a buyer decide what price to offer on a Franklin, MA Home purchase?
This may seem like a difficult question to answer but it is actually quite easy... Your buyer agent will sit down and review the most recent comparable sales with you prior to your making your offer. Realtors use much of the same methods to determine a fair market value for a Franklin, MA home as bank appraisers would.
- Living Space--the approximate living area of the home is key to determining value
- Age--year built but have there been many updates
- Condition--how does this home compare to others that are similar in age and living space
- Location--is the home on a main road or a side street; are there negative factors such as power lines
Once all of these factors are weighed against the other similar homes a price range will stand out. Sometimes home are more difficult than others to assess due to their unique qualities but a close approximation will be determined.
What Does Not Affect Fair Market Value:
- Assessed value from the town record
- What the seller had paid for the home
- the dollar value of the updates done by the seller
- public vs. private utilities
If you are starting a home search and need help making sense of it all, please give me a call at 508-369-5131 or email firstname.lastname@example.org. I can help make for a smooth and enjoyable process... Just ask my long list of happy buyers and sellers.