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How to Determine Home Values with Data on Long Island
Manage episode 160213162 series 1180011
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I wanted to talk today about what exactly a market analysis is. You may also hear it referred to as a CMA (current market analysis).
It really consists of all the data from your neighborhood related to homes selling, failing to sell, or going under contract which affect the value of your home. Be warned, though; while this information is very useful, it should only be interpreted by professional Realtors who are very familiar with marketing, market analysis on home trends, and what's going on in your specific neighborhood.
I personally don't like using the term "comp," which is short for comparable, for a home that's similar to yours that recently sold. Every homeowner is really specific with the upgrades they have made and the individual care they take of their home. It's really difficult to say that a home nearby is "just like yours." I try to avoid doing that.
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I always suggest that my clients have a plan B in case things don’t line up.
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The most important thing in understanding market trends and market value is to really zero in on the buyer behavior. Track what buyers are looking for in a particular area or neighborhood like layout, spacing, the yard, or the school district.
That's why it's so important to hire a Realtor who understands what buyers are willing to spend for your home today. Feel free to contact me for a more in-depth look at your home and neighborhood if you're looking to sell.
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