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The first step in determining the price you are willing to offer is to look at the recent sales of similar homes. These are called comparable sales. Specifically, you want to compare prices of homes that are similar in square footage, number of bedrooms and bathrooms, garage space, lot size, and type of construction. If the home you are interested in is part of a tract of homes, then you are likely to find some exact model matches to compare against one another.
There are three main sources of information on comparable sales, all of which are easily accessed by a real estate agent. Two of the most obvious information sources are the public record and the Multiple Listing Service.
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