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Brian Cooper wrote:

How do you place a value on a house?

Answer
Basing a value on a home is NOT simply based on a scientific method or mathematical formula.  It is truly based on the current market value comparables and other factors of the home based on the seller's desire to sell the home and make it "marketable". A home in the same neighborhood can be thousands less than the other homes around it.  One factor which can come into play would be that the owner really wants to sell the property.  A realtor who provides the owner with good research based comparables (based on the current market) will guide the owner as to what is a "marketable" list price and assist them with a fair market value of the property to spark interest in future home owners wanting to make an "offer" on the property.  Other factors which could make the property marketable would be the ammenities the property has to offer.  Does the property sit on the corner of a quiet street?  Is there "open space" near by which offers the feeling of more property when in fact it is part of the entire community through the "common areas"?  These are just a few examples that should be considered when making a property marketable and ready to receive multiple offers. 
August 02 2011
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