There can many reasons for the price difference, including:
- Age of home
- Square footage of homes
- Number of rooms
- Interior finishes
- Property lot size
- Age of furnace, AC, Appliances etc.
- Upgrades/ updates done to the bathrooms, kitchen and other areas of the home
- Exterior features: roof, windows, lawn, curb appeal etc.
- Some neighborhood are more expensive than others
- School ratings in the area
- Proximity to public transit
- Sometimes sellers strategically list at a lower price to attract more buyers and or to have more showings
- Sellers motivation to sell quickly or wait for the best price
Realtors are trained to look at the above criteria plus many other things to arrive at an opinion of price. The same knowledge or techniques are also used when we give an opinion of price when listing seller clients’ properties.
Realtors use past and current data to come to the correct listing or purchase price. We evaluate market trends, inventory level to further refine the price. Realtors go through many months of education, licensing etc and are trained to help their clients buy to low and sell high in any given market. Buyers and Sellers should trust their Realtor team to get them the best results.