What does the term "broker's price opinion" refer to?

The term "broker's price opinion" refers to an estimate provided by a real estate broker or agent regarding the likely selling price of a property based on a comparative market analysis. This analysis examines similar properties in the area that have recently been sold to determine a fair and competitive price for the property in question.

In this context, the broker evaluates various factors, such as location, condition, size, and amenities of the property, as well as current market trends. This process helps the seller understand what price they might expect to receive if they list their property for sale, guiding them in making informed decisions about pricing strategies.

A broker’s price opinion is typically less formal and less comprehensive than a professional appraisal, which involves a detailed assessment conducted by a licensed appraiser. Therefore, options that refer to cost analysis for repairs, seller’s price estimation, or the appraised value of a property address different aspects of real estate pricing and evaluation. The broker’s price opinion, emphasizing analysis of comparable sales, is specifically aimed at providing insights into market value from a professional perspective.