Analyze the Facts

Depending upon your needs, a market analysis may constitute a simple listing or include a detailed compilation of current listings and asking prices, recent price adjustments, pending contracts and completed sales.

Number of days on the market (DOM); the average time between accepted contract and closing and a comparison of selling price and listing price offer valuable information for both sellers and buyers. Neighborhood comparisons also offer valuable insights, especially when the statistics reflect relative appreciation rates for older homes vs. new construction, number of cash sales, rental rates and foreclosure/pre-foreclosure rates.

Even though statistics provide factual analysis, some degree of interpretation is inevitable, and resulting conclusions may differ. It is important, therefore, to work with a real estate broker whose experience and judgment you can rely on to give you not only the best information available, but the valuable guidance you require to fulfill your needs.

Professional real estate advisers speak in terms of “ranges,” probabilities and averages. In any real estate transaction, the goal is to walk away with the best deal possible. The information contained in a comprehensive market analysis will help you do that.