There is a well known saying that “a home is only worth what a buyer is willing to pay”.
The Internet has made it possible for buyers to see a home for sale. The Internet has also made it possible for buyers to compare prices of similar homes in the same area. The Internet has made it possible for buyers to become educated on the actual (or perceived) value of a home in just about any area.
Buyers (normally) need a REALTOR® to make an offer on a property, and if the buyer and seller come to an agreement on a price, terms and conditions, the REALTORs® assist with the process of finalizing the sale.
In the vast majority of cases, the REALTOR® representing the buyer is NOT going to be the Listing Agent (REALTOR® representing the homeowner/seller).
There are 3 things that homeowners should understand:
That a buyer will ultimately determine the value of their home, or more specifically, the price the buyer is willing to pay for the home.
That the buyer will (most likely) be educated on pricing in the area, based on information readily available on the Internet, with input from the Buyer’s Agent.
That the Multiple Listing Service (MLS) is the single most useful source of information.