How to Request a Market Analysis
A market analysis is a comparision used to help buyers and sellers of real estate get an approximate value to real estate. Real estate agents commonly complete market analysis when a home is getting ready to be placed on the market. This allows the seller to get a realistic idea of what their home may bring in the current market. It is easy to request a market analysis from a real estate agent or use online resources to get quick results.
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Instructions
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Instructions
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Contact a trusted local real estate agent and ask for them to complete a market analysis on your home. The real estate agent may ask questions about your home such as address, age, square footage or may request to visit your home. Most real estate agents will complete a market analysis for free or for very little cost. Many real estate agents have online forms to fill out so that they can complete the market analysis for you.
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Go online to have a market analysis completed. Most major real estate office websites will have an option to have a market analysis completed for you. They will then email the report to you. It is best to use a company in your local area to find the best results. There are also sites like Zillow.com and RealEstate.com which can offer immediate estimates for your home's value.
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Review the report if the website or real estate agent provides one for you. Look at the homes used in the analysis. Good comparables will have sold recently typically within the last three to six months. Homes that have sold prior to that may be outdated sales and the value may not be reliable. Homes should be in your neighborhood or in similar neighborhoods. You do not want to compare your home to homes in better or lower priced areas. Finally, the homes should share similar characteristics such as square footage, lot size and design.
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Tips & Warnings
A market analysis is not an appraised value. A market analysis does not take in to account a number of variables such as amenities inside the home or physical condition including required repairs that an appraisal takes into account to establish value.
Online sites like Zillow.com and RealEstate.com may provide immediate feedback for value of your home, but do not provide reports to substantiate the value. The actual value of your home may be different than what they have listed.
References
- Photo Credit house image by Cora Reed from Fotolia.com
