If you are a home owner, then it is essential for you to understand the value of your home in a fluctuating real estate market. Your home price is dependent on a number of elements, some of them are within your grip and some are not. Elements that are beyond your control for ascertaining your home price are market conditions, supply and demand, rates of interest and the overall economy. Elements on which you have some extent of control are style, location, condition, size and facilities of your home. For deciding the price of your home, a real estate market analysis has to be performed.
What is Real Estate Market Analysis?
A real estate market analysis is a statement of present and previous market operations to compare your home with other homes in your neighborhood with identical features. This assessment allows you to simply compare the characteristics of your home with other homes and to ascertain the best valuation plan for the market.
Why Should You Go For a Real Estate Market Analysis?
This analysis is a quite useful tool to apply in various circumstances:
1) Are you thinking about selling your house?
2) Have you made an investment or thought about making investments in your home with costly overhauls and upgradations and wish to find out whether the price of your home has gone up or would go up to indicate the modifications?
3) Have the movements in the real estate market caused you to feel anxious regarding the price of your home? If your reply to any of these questions is yes, then you must have real estate market analysis accomplished on your home.
Who Performs Real Estate Market Analysis?
The most efficient individual to carry out a real estate market analysis on your home is a certified real estate agent who is well-known and stays and works in your area. For the purpose of generating a good market analysis, the realtor would walk through your home and ask about particular details of your home. Following are some fundamental questions that they might ask:
Number of bedrooms
Style of home (for instance, colonial or ranch)
Number of kitchens
Family room/den/living room
Size of lot
Basement – completed or incomplete
On the basis of the details on your home, they would analyse your area and make a comparison between same types of homes in your area with homes presently on the market and those that have been sold or withdrawn from the market. Subsequently, they would work out the most effective valuation plan for your home with contractor mortgages.
The majority of agents don’t ask for a fee for this facility. They perform the analysis as a charitable service for the expectation of receiving your listing if you opt to sell your home. If you are a home owner, then you should contact a Realtor in your area and get a market analysis done as soon as possible.