Determining Market Value is a job for Realtors
The value of a home is determined by it's "Market Value". Market Value is defined as the
price a willing seller will accept and a willing buyer will pay for a property that has been exposed to the market for a reasonable length of time.
To determine Market Value you look at similar homes in the same area that have sold recently (preferably within the last 6 months). These are called "comparable sales." These are homes that compare closely to the one you want to purchase. They should be similar in square footage, number of bedrooms and bathrooms, garage space, lot size, and type of construction.
Finding comparable sales is easier if the home is part of a tract of homes where you are most likely to find the same models to compare against one another. If it is not in a tract if is often more difficult to find sales to compare to.
Real estate agents have access to the records of recent sales as well as descriptions of the homes that have sold recently. The agent will know how to properly interpret this data and adjust it to compensate for varying condition of the homes and any additions or variances on each property.
A Buyers Agent will provide you with all the data you need, interpret that data for you, and assist you in determining what to offer for a home.
In Port St Lucie, FL we use area numbers to group homes in the same geographical area. All comparable used to determine market value should be w/in 1-1.5 miles of the subject property. Unique homes can use more distant comparables with an explanation.
If you want to make sure you aren’t overpaying, ask your Realtor for the Comparables.
If you are looking to Buy – Sell – or List – Real Estate in Port St Lucie FL, visit Welcome Center Realty today. A full service one stop Real Estate Shop, we offer over 50 years of experience to our Real Estate Clients. 
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From Cozy Condos to Townhomes to Large Estates, Welcome Center Realty is ready to be your new home partner. Need to sell? We can list and market your property for sale and see you through a smooth closing.
GAYLE BEYER – BROKER
WELCOME CENTER REALTY
800-375-5080
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SEARCH FOR SOUTH FLORIDA HOMES HERE
Gayle, Potential Sellers can look on line to find out information about houses in their area, but it is only people who have access to the multiple listing services such as Realtors that can give the true picture of any given neighborhood.
Gloria