These records are available at local recorder's or assessor's offices, through private companies or on the Internet. Dataquick Information Systems tracks home sales statewide and prepares reports for specific properties. Appraisers use several factors when estimating value including historical records, property performance, condition of the home and indices that forecast future value. One survey by the National Association of Realtors shows that resale homes do have an edge over new homes. The trade group's figures show the median price of resale homes increased 3 percent between 1994 and 1995, compared to 0.8 percent for new homes in the same period.
Sellers can price high, low or close to what they hope to get.
To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors. A number of Web sites and services crunch the numbers from historic public records of home sales to produce the statistics. Some services offer an actual estimate of value based on acceptable software appraisal standards.