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Whether you are buying or selling a home, it’s essential to understand the market, but there’s only so much you can learn on your own. This is why many sellers and buyers turn to a real estate agent for a comparative market analysis. The following guide will break down what is involved in this analysis and why it can benefit you. 

What to Know About Comparative Market Analysis

What Is Comparative Market Analysis?

When performing a comparative market analysis, a real estate agent compares the prices of similar houses in the immediate area. If you are selling, your agent will complete this analysis to help you price the home to sell. They can also determine whether a home is priced fairly before you put in an offer. However, keep in mind that this assessment is not an official appraisal.

What Will Your Agent Consider in The Report?

real estateYour real estate agent will compile a list of comparable homes in the area, pulling from those that are on the market, pending sales, or recently closed. They will filter their options by square footage, number of bedrooms, size, and year built. Your agent will also consider the neighborhood that the home is in and the quality of the local schools. If a home has similar features to yours, the agent will consider these in their analysis as well. These values can help the agent determine a fair listing price. 

Why Should You Consider Market Analysis?

When purchasing a home, you want to ensure that you are receiving the best value. A comparative market analysis can help with the negotiation process, giving you a baseline for your offer. As a seller, it’s essential to know that the house is competitively priced according to its value. The analysis can help owners understand what their home may be worth. Keep in mind that some buyers and sellers may benefit more from a professional appraisal, which is true if the house is unique from others in the area.

 

If you are buying or selling a home in Estherville, IA, the team at Blum & Leonard Insurance and Real Estate can provide a free, no-obligation market analysis. With more than 35 years of experience, they offer real estate services for buyers and sellers alike. Visit them online to learn more about their services, or call (712) 362-7272 to request a quote.

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