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Copyright © 2006 by
Bob Schwartz
San Diego
real estate broker
Certified
Residential Specialist
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Real Estate – Benefits of a Market Analysis
When a real estate agent estimates a selling price for your home, most
people believe the price is too low. But, a good real estate agent performs
a Market Analysis of your neighborhood and surrounding area. Many different
factors go into this analysis and it is important to hire an agent rather
than going at a home sale blind.
The market analysis will look at your home and the other comparable homes in
the neighborhood. This means it will only compare properties which have the
same traits as yours. If you have three bedrooms then the analysis will look
at other three bedroom homes. The market analysis will assess homes which
have sold in the past six months. It will also look at homes which were
listed and did not sell. The last thing the analysis will include are homes
currently on the market.
By getting an average of the different prices, the real estate agent can
give you a pretty good indication what your home should sell for in the
present market. You may feel the price is too low. Many sellers feel this
way. However, the market analysis is extremely accurate.
The market analysis will show you the listing prices of the houses in your
neighborhood for the last six months to a year. You will then be able to see
if they sold for that price. It may shock you to learn many of them did not
sell for the asking price. If they did, then stipulations were probably made
by the seller, buyer, or both. These agreements could be things like the
seller agreeing to pay closing costs or points. Either way, the asking price
the seller was hoping for was lower.
Beware of the real estate agent who does not do a market analysis. Steer
clear from the ones who ask you what you want to sell your house for. You
want a professional who knows how to market your home and will get the best
price for it. In order to do this he or she must review the market to
determine what is selling and what is not moving at all. There is going to
be a price range your home will fit into. This is what a good real estate
agent will explain to you. He or she will usually list your home for the
higher end of the price bracket.
By setting the price a little higher, not a lot, you have a negotiating
chip. In today’s buyer’s market a buyer may ask you to pay the points or
closing costs or both. You may be asked to contribute the down payment. When
the buyer does this, sometimes the house actually can sell for more than the
asking price. It is one of the ways buyers who are a credit risk can afford
to buy a home.
You should never ask more than the market will bare when setting the price
for your home. You need to carefully consider all the choices when
determining your price. Things like how updated the kitchen is or how big
the yard is can have a lot to do with what your price will be. There are
other things you can do to get top dollar for your house.
Curb appeal is one of the most important things in selling a home. If a
buyer drives by, you want him or her to notice your house. It must look neat
and orderly. If it appears run down and in need of repair people will just
drive by. It may be hidden by trees and shrubs. Cut them down and let the
neighborhood see how nice your house is.
A good real estate agent will be able to list your home at a reasonable
price. He or she will be able to tell you what must be done to get the
greatest possible price for your home. They are the professional. If you
listen to them, your house will sell.
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