The next step for you to consider is a Comparative Market Analysis ... known also within the industry as CMA. A CMA is a written report comparing the target home to other properties/houses of like size, that are situated within close proximity of the target, and have similar features. The comparable houses may be currently on the market, in the public records, or listed within the multiple listing service MLS as active, pending sale, or sold. The CMA shows the time on market data from listing date to sale, and may also take into consideration houses which failed to sell. By carefully analyzing comparables and their respective prices, attributes (up-grades), or lack of attributes, and current market conditions specific to the area, a real estate Broker/Agent will help to determine a successful market price for the target property. Depend on your Broker to give you a CMA, or an appraiser to define value prior to committing to sell or buy.
The Comparative Market Analysis is a multi-step process:
1) The Agent/Broker, and/or Realtor® compiles all necessary market information available, which may include a personal inspection of the home, a visit to the area, and information specific to financial details of closed sales (seller concessions). Moreover the professional may choose to communicate with other Realtor® professionals whom have current listings with similar characteristics as the target property and are in close proximity to the target.
2) The real estate professional processes the information and provides the client with a written report determining fair market value.