Who Controls Price?
What is Market Value?
It is often believed that REALTORS® have a say in determining the housing prices. The truth is, REALTORS® have no control over housing prices. What determines the price of any property is a process called: Current Market Value
Current Market Value is determined based on what the Buyer is willing to pay for the property at any given time. In other words, Supply and Demand, which is based on the general health of the economy and the local user market.
One of the responsibilities of the listing REALTOR® is to stay current with the local market and price their client’s home accordingly. Current Market Value is also recognized at all financial institutions and is used to determine how much money they will lend.
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