For ethical reason, real estate agents can’t tell you how much to offer. Instead asking directly how much the home is worth, you ask indirectly, by seeking information about comparable sales, or “comps.”
An real estate agent should arm you with plenty of comparable — prices of similar, nearby homes that have been sold recently — along with high and low ranges for a particular property.
Your real estate agent can tell you how long homes are staying on the market, and the percentage of the asking price sellers are getting. This information tells you how the market is where you are looking.
Also ask how long the property has been on the market. If it’s been sitting for months without an offer, it could be slow market or it could be overpriced.
Posted in: FAQs for Buyers