1. Public Records and Data Research
A local Brooklyn Realtor is able to compile property records with additional data to see a clear legal picture of your physical property and legally recorded documents that could affect the value. Licensed Brooklyn Real Estate Agents are able to increase their resources as well by working with other professionals such as title companies, real estate attorneys, contractors, loan officers, etc.
2. Sales Research and Comparable Market Analysis
It’s a sure bet that the online home value estimation tool on popular real estate websites can’t truly compare “apples to apples” when it comes right down to it. Only a local Brooklyn Realtor can investigate whether the seller provided the buyer with closing cost assistance, if a property had material defects, or if one home was maintained better than another. Appraisers on the other hand can get access to some of this information, however, a local agent will probably have seen the properties that have recently sold, and they probably know the agents who sold them.
3. Knowledge of the Neighborhood
The fact is that many home value estimation tools and appraisers are located outside of Brooklyn. These companies can’t really tell you whether the neighborhood feels unsafe, is noisy, or located next to the best schools and restaurants. Only a local Brooklyn Realtor can assess hyper-local nuances such as how living in an airport flight path or how distance from the train will affect your home’s value.
4. Property Condition
Homes come in all shapes, sizes, and ages. These same homes also need to be maintained. Experienced Brooklyn real estate agents will adjust the value of your home based on its condition, reapirs, improvements, etc. Does your home have all the best upgrades or did renters tear it up? Is your home in basically the same average condition as that of your neighbor’s? These are home value adjustments that only a local Realtor can determine.
5. Local Market Conditions
Each neighborhood is said to have a micro-market or micro neighborhoods. Some areas are flashy, new and in high demand, where others tend to be older, tired, and high in crime. A local Brooklyn NY Realtor can spot these trends and easily value your home according to these local market conditions. It’s not uncommon for home values to rise in popular trendy subdivisions and decline in adjacent communities at the same time. This is information that neither Appraisers nor online estimation tools would be able to know.
6. The Brooklyn Home Buyer Mindset
Active real estate agents in Brooklyn work with both buyers and sellers on a daily basis. As a result, we know and understand exactly what’s important to home buyers. The “perceived home value” is just as important as the cold, hard data reports. Buyers consider intangible items such as architectural style, cleanliness, layout, proximity to schools, employment, and the neighborhood grocery store. This definitely affects a home’s value and when you work with a local agent, they will be able to factor in the impact of such things.