Your real estate agent should be your best source of information on establishing the value for the property you are thinking of buying. Realtors have access to all the recent sold listings and have been trained in knowing how to interpret the differences between the home you are interested in purchasing and the sold comparables.

But, when it comes to negotiating the offer, the market value of the property is not the only number you need to know. You also need to know the very lowest price the seller will actually accept for the property. Arriving at this number is much more difficult for a buyer than determining the “fair market value” of the home.

Seasoned Realtors have negotiated hundreds or thousands of real estate transactions. So, my advice would be to use the services of only a very seasoned agent to help you determine, in a non confrontational manner, the absolute lowest price the seller is willing to accept for the property. The reason that this process is so important to you is that I frequently find in today’s market, that many sellers will actually accept a price that is thousands of dollars below what recent sold comparables indicate the “fair market” value of the home is worth.

Hi Jacki,
I would say the best way for me to answer your question is with another question? Do you have a Buyers Agent? If you do not have one I would recommend finding one to represent your best interest. They will be able to help you and look out for your best interest in a transaction.