In the US alone, real estate revenue is expected to reach $307,049 million in 2021. That is, according to Statista. So when you compare that on a global scale, real estate is no doubt one of the best money-making sectors out there. But did you know that this industry did not just reach on top for luck? There is research, analysis, evaluation, and so much more in the process. One of the key factors used by the industry is market analysis. Why do many trusted agencies depend on such analysis report? And how do you conduct this analysis? Read more about sample real estate market analysis templates below.
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How to Conduct Real Estate Market Analysis
You already know what real estate market analysis means. But what about doing the analysis itself? Conducting an analysis may seem very complex to hear but when you understand how the process works and the many factors behind it, rest assured, you can ace it. There is even a standard systematic approach on how to manage it diligently. Without further ado, here are the steps on how to do real estate market analysis:
Step 1: Analyze the Property
Study and analyze the property. This first step is where you review the neighborhood, land area, size or square footage, construction age, amenities, number of floors and rooms, nearby establishments, and some current embellishments. Next, recognize several properties that were recently sold. You will slowly compare them to your property. Aim to check around three to five examples from previous listings that were sold in the past few months as your comparables in the comparative market analysis.
Step 2: Check the Current Listings of Homes
Speaking of listings, there are plenty of options out there besides the neighborhood or the local marketplace. Mashvisor is even one example as your source. Besides current listings, you can also search for pending listings and expired listings. And a tip is to ensure you compare similar properties to your property. That way, you would get an idea of what makes your property sell or not sell in the market by comparing from other examples of rental homes, commercial properties, etc.
Step 3: Use Sample Templates
Pinpointing what is similar and different from one property to another is not the only way to manage the analysis. You still have to undergo careful evaluations, surveys, SWOT analysis, and whatever is relevant. And for an easier approach, just use our sample real estate market analysis templates. With such templates, you are guided with what to do without even starting from scratch. Templates are premade and you only complete what’s needed. Furthermore, you can edit the templates according to your preference. Check it out!
Step 4: Set the Price Range
Use different visual organizers and tools in the analysis. A graph, chart, executive summary, assessment report, and so much more can make a difference. After doing lots of comparing and analyzing, you will eventually set a price range for your property. Do not just make random calculations because the results you recorded from the analysis would give you an idea of how much it should be. Hence, the price range should be competitive, on-trend, and well-calculated. It should help you maximize your investment as well instead of experiencing a huge loss. And that finalized selling price range becomes your home’s market value.
What are the uses of real estate market analysis?
Real estate market analysis has plenty of uses like having investors study the estates to help them decide if their investment is really worth it. More so, the analysis covers many factors from possible trends, opportunities, strategic plans, and other results found in surveys. Also, the analysis is essential to compare the real estate market based on location, trends, companies, and so much more. With that said, real estate market analysis really plays a great role in understanding the sector’s future and investing with a maximum return.
Who is the target audience of real estate market analysis?
Basically, anyone working or concerned in the real estate market sector would be part of the target audience. In most cases, the agencies that prepare the reports in the real estate sector to gather data will be the most fitted target audience. The same goes for the investors who are looking for better opportunities to invest in the industry.
Do I need a real estate agent to understand the market?
You can write a letter seeking extra help from a real estate agent to help you understand the market. But, it does not mean that such agents are required. You can even not work with an agent because there could be some drawbacks. An example is when the agent lacks experience and training in terms of rental property investors. Nonetheless, the decision is up to you.
In case you plan on flipping a home, hold an estate property, or just be part of the field of real estate investing in general, you will eventually meet real estate market analysis. What matters most is that you understand its process completely to ensure your performance in the real estate market pays off. And with our downloadable, customizable, and user-friendly sample real estate market analysis templates, rest assured, the process has never been easier. Download now!
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