People who are connected to real estate market or often invest in property may need market analysis some or the other time. These investors and buyers conduct market analysis to figure out what is the current market status and what is the value of other properties. Now you may ask why is this important? This analysis helps you determine the approximate value of your property.
Carrying out a real estate market analysis is a crucial task and requires consideration of many factors, hence, it is not possible for the investors to conduct this analysis on their own. At Cache Chief, we have an experienced team that has been working in this field for years and they help us conduct a systematic market analysis. Here’s the process that we follow-
- The first step in the market analysis is examining various characteristics such as size, area, neighborhood, number of rooms, floors, land area, the age of property, amenities, locations, and other remedial improvements required.
- We then figure out nearby properties recently sold or listed for selling. This includes looking at properties bought in past 3 months’ time period and other comparable properties with the same size, location, age, etc.
- We then analyze pending list (deals finalized but no closed) which helps us give you a clear understanding of what is the current market rate in the area. Further, this also assists us in calculating the current rate at which properties are being sold in that area.
- It is also equally essential to look out for expired listings as these listing expire generally due to high price.
- After analyzing the rate of the property, it is then important to look out for amenities like good locations, a great view, new construction, etc. These can add up to the value of your property.
We assist you in analyzing the whole market scenario and come up with a perfect price range for your property. As it’s evident that wrong pricing, high or low, leads to either no sale or less retained value. Contact us today if you are in need of market analysis.