These are properties with which your property will be in competition in your local marketplace. Since they have not yet sold, their market value has not yet been determined. Your home is in direct competition with the other available properties for the limited number of buyers specific to your market area. When reference is made to 'Market Value' , we refer to the best price a property will bring when placed in the open market for a reasonable period of time. Experience, accuracy, thoroughness and documentation are criteria to apply when you are evaluating a broker's price recommendation.
Correct pricing is the necessary foundation for all the other marketing procedures.