Is there a specific book that Realtors use for assessing property?

Question

I Heard something like Marshall and Smith?

Answer 1

Marshall & Swift is a cost guide for new construction used for the Cost Approach on appraisals. Usually realtors and/or appraisers look for similar properties sold in the same neighborhood or development to determine a value for a property.

Answer 2

I will preface my answer by telling you that I am a licensed Realtor® in the state of Arizona.

I can’t answer what most Realtors® do but I will tell you what I generally do.

1.I pull an old listing from that property and/or the tax records; this allows me to get some basic information about the property.
2.I look for similar homes in area with similar features that are listed on the market today. This gives me an idea as to the competition of the home.
3.I look for similar homes that have sold in the last three to six months; this gives me an idea of what the market will bear.
4.I discuss with the seller my findings and hope that they will price their house accordingly.

Feel free to drop me a line at the email address below if you have any questions.

Answer 3

It's all about experiance and comps. Realtors can find out what similar houses in that location have sold for and compare them to a house they are going to list/sell to help the seller/buyer make an educated decision about price.