Looking to sell your house but feel totally lost in regards to home real estate in your area?
Analyzing your local real estate market is a bit of a tall order. Still, it is necessary for anyone that wants to be successful when selling their home. These are our best tips for those that are looking to assess and evaluate their home real estate market.
What is your market like?
This needs to be the first question that you ask yourself. Don't know? Get to researching!
You should know what types of property are currently available.
Start by checking out the real estate trend report to see what the buying and selling trends are like in your area. Is your locale a buyer or a seller's market? Another important factor to keep in mind are how many days are houses in your market taking to sell. Days on market (DOM) will help you measure the demand in your area.
You can request to have the DOM calculated or it is often listed for homes in your area on sites like Zillow and Trulia.
These are some things that you will need to know about your area when you're assessing the market:
- Recent activity
- Realtors in the area
- Crime rates
- Average property value
- Amenities nearby
- New projects in the immediate area
- Pricing trends
Take a look at comparable homes
Comparable homes, or comps, are recently-sold homes in your area that are similar in style, size and age/condition to your home.
This is a great way to set the expectations before you embark on your home real estate journey. Utilizing this practice will also help you get an idea of what you are up against.
In order to use this approach, the homes you evaluate must adhere to the following:
- Be as similar to your property as possible
- Have been sold within the last year
- Have been sold under conditions that are typical of your market.
Find out more about how homes stack up in the Southern Florida housing market here.
Compare your market to others in the vicinity
Are there any major changes being made in the suburbs or downtown closest to your market? Landmarks, monuments, important points of interest will all play into your assessment.
Areas that have certain monuments or landmarks may be more desirable to live in and you will need to know how your market on the outskirts will stack up in comparison.
Analyze your findings on home real estate
So you did all the research, now what?
Now it is time for you to see what this means for the sale of your home. When you put all these details together you should have a pretty good idea about what you are up against.
Think your home real estate can stand out among the masses? We know that selling your home can feel like a huge challenge. Luckily, you don't have to do it all by yourself! We're here to help. Get in touch today to learn about your next steps!