As a homeowner, in a changing market it is important to know your home’s value. The value of your home is dependent on many different factors, some in your control and some out of your control. Factors that are out of your control in determining the value of your home include supply and demand, market conditions, interest rates, and the economy. Other factors in which you have some control over include, location, style, size, condition and amenities of your home. To determine the value of your home a market analysis can be conducted.What is a Real Estate Market Analysis?
A Real Estate Market Analysis is a report of current and past market activity comparing your home with other similar homes in your area. The analysis enables you to easily compare the features of your home with others and to determine the best pricing strategy for the market.Why get a Real Estate Market Analysis?A Market Analysis is a very handy tool to use in a number of different situations:1. Are you considering selling your home?2. Have you invested or thinking of investing money in your home with expensive renovations and improvements and want to know if the value of your home has increased or will increase to reflect the changes?3. Have the changes in the real estate market made you uneasy about the value of your home?
If you answered yes to any of these questions then you should have a Market Analysis completed on your home.Who conducts Real Estate Market Analysis?The best person to conduct a Market Analysis on your home for you would be a licensed real estate agent who is familiar and lives in and or does business in your neighborhood. In order to produce an effective market analysis the agent would need a tour of your home and know specific details of your home. Some basic questions they will need to know include:1. Style of home (i.e., Ranch, Colonial etc)
2. Number of Bedrooms
3. Number of Kitchens / Eat in Kitchen
4. Number of Bathrooms
5. Dining Room
6. Living Room/Den/Family Room
7. Basement – Finished or Unfinished
8. Size of lotBased off of the information on your home they will assess your neighborhood and compare similar homes in your neighborhood with houses currently on the market, recently sold or expired from the market. Based off the information they will compute the best pricing strategy for your home.Most agents do not charge a fee for this service. They conduct the analysis as a courteous in hopes of getting your listing in the event you choose to sell your home. If you own a home call a local real estate agent and have a market analysis completed on your home today!