The following information is utilized in my analysis:

Public Records Data:  This information, provided from county records, on your specific location is used to establish baseline information regarding lot size, square footage, number of bedrooms, baths, garage, etc. 
Area Boundraries:  i.e. major streets, parks, etc… are considered when searching for comparable properties. 
Current Market Activity:  The current market activity will help determine how much competition you can expect, how they are priced and how their features compare to yours.
Comparable Sold Information:  Comparable properties sold within the last several months will tell you what recent buyers have purchased; how much they are willing to pay fo the area, size, features, etc… While none of theses homes are exactly like yours in every detail, they do provide a basic referece and help determine the range of established value.  Three solid comparables are generally needed to substantiate the price for the appraiser. 

In conclusion, the BEST PRICE OBTAINABLE for your house will untimately be determined by today’s market with consideration also given to appreciation and economic change. 

Factors That do Not Affect Your Properties Value 
What you paid when you purchased your property 
What are the proceeds you want or need from the sale 
What I, a Realtor, and/or appraiser, feel the property is worth 

Buyer’s Dictate The Best Price Obtainable For Your Property 
Buyers actively participate in comparison shopping 
Buyers typically are not willing to pay more for one property than what they would have to pay for a similar property 

Comparative Market Analysis

A Comparative Market Analysis determines what Buyers are willing to pay based on today’s market conditions.

It provides data as to what Buyers have actually paid for similar properties generally within the past six months, indicates what buyers have not been willing to pay in today’s market and makes the Buyer aware of what properties are in direct Buyer competition. 

Fair Market Value Had Been Defined As: “The highest price estimated in terms of money that the property will bring when it is exposed for sale in the open market by a willing Seller, allowing time to find a willing Buyer, neither Buyer nor Seller acting under compulsion, both having full knowledge of all the uses and purposes to which the property is adapted, and for which it is capable of being used.” 

This cumbersome market value definition pre-supposes perfect knowledge on the part of Buyer and Seller.  Since this perfect world does not exist, the estimate of price is indicated as a range of prices.  The closer the listing price is set to this range, the sooner the property will sell. 

In evaluating the property many tools are used by a professional appraiser: 

Comparable sold properties 
Comparable listed properties 
Square footage 
Location 
Amenities 
General condition of the property 

Overpricing tends to lengthen marketing time… the listing tends to become overlooked and stale. 
Homes that remain for sale over long periods of time make the Buyer wary of potential problems with the property. 

A delayed reduction in price may mean less money to the Seller than if initially priced realistically. 

Competitively priced properties are eagerly shown more often by Realtors®. 
 

Many Buyers are not willing to invest their time, energy and emotions in lengthy negotiations on overpriced properties. 

Owners of an overpriced home start to feel inconvenienced by too many showings for a long period of time. 

Overpricing can immediately eliminate a serious buyer who is not willing to look at homes out of their price range. 

Competition in today’s real estate market is stiffer than ever before.  Comparison shopping may convince the potential Buyer to bid on a different property. 

With the large number of homes for sale in all price ranges, pricing your home “right” will give you a profitable advantage. 

In most instances an appraisal is necessary… Should the property not appraise, the Buyer will not qualify for their loan and the contract could terminate… Since fair market value is an important consideration, it is futile to price a property for more than it is worth.