It is a misconception that real estate agents create the market value by completing a comparative market analysis (CMA). The CMA is one agent’s opinion on price and where they think your property will sell at. No agent can tell you market value, it is created by several factors. Market value is a combination of the Seller’s needs and wants, Buyer’s needs and wants, available inventory (competition), and giving the Buyer incentive to visit the home (creating traffic and Buyer emotion).
Market value is really determined when the seller and buyer agree on a price, there is a validation of that price (house appraises), and the home actually settles (closes).
So, if you are thinking of selling or buying a home in Atlantic County, NJ (or anywhere else for that matter), just remember that a REALTOR will not be able to determine market value for you. The agent will only be giving you a price opinion on where they think the home should be priced.
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