A residential market analysis can be carried out by a real estate agent.
A residential market analysis allows you to determine the approximate and current market value of a residential property. A residential market analysis is typically conducted by a real estate agent, appraiser, buyer or seller of a home. To conduct a residential market analysis, you need to gather information such as the type of home, square footage, listing and sale prices of similar homes on the market, an assessment of the features and amenities of the homes you are comparing, and the neighborhood or location of the homes. residences.
Survey cards can be sent to customers as part of a relationship marketing strategy.
Most or all of the information you need can be found online or with your real estate agent. Real estate websites, country public record websites and the multiple listing service (MLS) that real estate professionals use allow you to gather all the information you need to conduct a residential market analysis.
The first thing you want to do when conducting a residential market analysis is to choose six homes. You need to choose three houses that are for sale on the market. The other three properties you choose must be three homes sold in the last three to six months. All six houses you choose must be of the same type of residence. This means that all homes must be single-family homes if this is the analysis you want to carry out. If doing a condo market analysis, make sure all six properties are condominiums.
Much of the information you need to conduct a home market analysis can be found online.
To narrow down your options even further, you should look for homes that are close to each other. In rural areas, it may be necessary to include more distant houses simply because the houses tend to be more widely spaced. Ultimately, the square footage and amenities of the properties you are comparing must be the same or similar.
For example, you cannot conduct a true residential market analysis comparing a 1,500-square-foot house to a 5,000-square-foot house. Once you have all of this information together, you can use the information collected to run the calculations to determine the price per square footage and residential housing prices for the area.
Take the average price of the homes you are comparing in the area and divide by the average square footage. This provides the price per square foot that homes are selling in the area. If the average price of a 1,500 square foot home is $150,000 US dollars (USD), divide 150,000 by 1,500, which indicates that homes are selling for about $100 USD per square foot.
You can use the price per square foot to calculate how much you should put up a house for sale or how much you should pay for a house. For example, if you have a house measuring 1,562 square feet, then you would multiply $100 USD by 1,562 square feet to get a price of approximately $156,200 USD.