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What is a market analysis?
A Market Analysis Report lets you and your real estate agent know what the prices of houses similar to your own in your location are selling. Before buying or selling a property, the agent can create this report to ensure that all parties are confident that the house is at a fair price. This analysis can also give some insight into the bid from the buyer. A helpful term to know is that comparing your home and others is known as “comparables” or “comps.”
There are a few things that can affect the outcome of the report. Adjusting the square footage to account for swimming pools, yard space, decks, and balconies is wise. The agent will also consider the home’s age, condition, number of bedrooms, bathrooms, and other special features such as fireplaces to help determine a fair asking price. When placing your home on the market, consider the sale date and location of the surrounding houses, as this can significantly vary during different times of the year. The Terms of the Sale and whether there is a cash offer available can also factor into the report’s outcome.
Although you will need a certified appraiser to provide an evaluation for mortgage brokers, anyone with access to home sales information can run this analysis. The Market Analysis is one of many tools that can provide insight and help prepare a buyer or seller for the negotiation process.