Every piece of Real Estate is unique. Even in developments where it seems every property looks the same, they are still unique. There are many aspects to determining a property’s value and that is why a visual inspection is necessary to help determine the correct listing price. 

This should help you to understand the steps involved with estimating the market value of residential properties. Establishing market value is important when considering selling a property.

MARKET VALUE

Market value is generally defined as the price a willing buyer would pay a willing seller for a property in its present condition with neither buyer nor seller under pressure to act
( s uch as career relocation, death of a family member, divorce, etc. ) .  A market value sale also is known as an arm's length transaction.
A number of factors may affect a residential property's market value, including:
External characteristics - "curb appeal", home condition, lot size, popularity of an architectural style of property, water/sewage systems, sidewalk, paved road, etc.
Internal characteristics - size and number of rooms, construction quality, appliance condition, demonstrated "pride of ownership", heating type, energy efficiency, etc.
Supply and demand - the number of homes for sale versus the number of buyers; how quickly the homes in your area sell, and
Location - desirability for a particular school district, neighborhood, etc.

THE SALES COMPARISON APPROACH

The most common way to determine the market value of a residential property is to use the sales comparison approach. This is the primary method used by professional apprais-
ers to determine the market value of residential properties.
To determine an estimate of a property's market value, arm's length comparable sales are used. By examining recent sales of at least three properties in a general ( o r similar ) 
neighborhood that are comparable in building style, size and construction, one can begin to get a good understanding of a residential property's market value. However, it is important to consider the circumstances of such sales - perhaps the seller was desperate to "unload" the home, or the buyer paid much more than the asking price because there were other interested parties. Market value and sales price are not always the same.
Comparable sales should include characteristics similar to a given property, such as lot sizes, square footage, home style, age, and location of the home. A new three-bedroom Cape Cod house may not be comparable with an older three bedroom split-level ranch, even if they are on the same street.
Since it may prove difficult to find an exact comparable sale, allowances must be made. To arrive at an estimated market value, dollar adjustments are made for differences between the property being valued  ( also known as the subject property )  and the comparable properties that have sold. 
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