The value of a home is actually defined by the Appraiser assigned by the Buyer's Lender usually occuring near close of escrow.  Adjustments to correct price are negotiated between Buyer and Seller based on the Appraisal Report.  If the original purchase price exceeds the appraised valuation, then the Seller usually will reduce his asking price to meet the appraised value; OR, the Buyer can always pay out of pocket for any money the lender doesn't approve for the loan.  If either parties cannot come to an agreement, then the deal dies.  
A home Seller might wish to consider having his own appraisal done at inception of listing.  This is especially a good idea when there are not sufficient comps for consideration, or the home is custom, and accurate comps are difficult.  The appraisal is a contingency to the purchase contract which is in place to assure the lender that the house has the purchase offer value.  

Laws now demand that the appraisal be performed by a local appraiser.  This is a hint that when listing a property with a Realtor, a Seller should list with a local agent or broker who is savvy to the values in the area.  In the case that the Seller's original appraisal states higher than the Buyer's Lender's appraisal, then a careful review of both reports should be done to catch any mistakes  If the deal does fall through, the Seller has to start over again to sell the property.  This delays the sale while the market meantime could have slid down in price.  The longer the house is on the market in today's market, the greater the likelihood that the property will reduce in value.  Pricing right at incepiton of listing is very important to capture a "live audience" of Realtors and Buyers.  Market trends, condition of property, terms of the sales, including financing, can impact the value of properties.     

To see what some houses in your area have sold for recently, fill in the blanks below for results emailed to you.  I will always provide comps for serious Sellers or Buyers.   

Real Estate in Sunnyvale, California and San Jose, California is the focus of Really Care Realty.