A real estate market analysis gives insights on the current real estate market, so you know the costs of properties comparable to yours and how much you should charge if it's an investment property. By conducting a real estate market analysis, we can help you choose a listing price on your property that helps buyers. The comparison also helps to determine if the asking price is high. Sovereign Realty Advisors’ comprehensive real estate analysis in Salem will help us find you the best buyer for your property.
The first step involves an analysis of the physical state of the property. Next, we assess the neighborhood and location to determine the quality. We also look at its size in square feet, the number of rooms (including bathrooms), the floors if it's a story building, its construction age, amenities and features it presents, and the proximity of social amenities.
Listing Price and Property Value Estimates
Next is looking online for an original price listing to give a general idea of the house's condition. We then estimate the price value of the property, remotely referring to other online resources like Zillow Estimates. These are estimates and may not be accurate, but they are a noteworthy starting point to set off the commercial real estate market analysis.
Next, we search for other properties that compare to yours regarding the number of rooms, square feet size, location, age of the property, and features. Finally, we identify the properties recently sold in the area to determine the exact value in at least three months because real estate trends constantly change. Our commercial real estate agent also evaluates the current listings, pending listings, and expired listings of similar properties. All this is vital information because expired and pending listings may have been previously very highly listed.
Physical Assessment and Price Range
After gathering all the necessary information, our agents then determine the house's price range. We use between three and five comparisons that we collected to set the ceiling and floor prices. Next, we’ll assess the home in person while checking for factors impacting value, like the overall condition, upgrades, amenities, features, and outdoor landscaping. After a complete analysis, we then decide on the most appropriate market value for the property. Finally, we evaluate everything observed through the analysis, considering the comparative selling prices and the square-foot size of the house. Finally, we establish a price range the property you are buying or selling falls in, and this final figure is your property's market value.