How can you get an accurate market value for your home? We use a six-step market analysis approach, which includes a close look at all of these market dynamics:
the recent sales in your neighborhood
the current listings with accepted offers
the current listings without accepted offers
the recently expired listings in your area
the months of supply in your neighborhood
the impact of seasonality on pricing
The sample market analysis below shows how we bring all of this information together to help you accurately price your home. This particular analysis is for a home in the Westmorland neighborhood on Madison's near west side. Note: we've removed the property address from the analysis in order to preserve the owner's confidentiality.
Your Home's Market Value
It was a pleasure meeting you and learning more about your home. My goal for this market analysis is to provide you with a thorough review of the market conditions and properties in your area. This exercise will help us properly value your home.
A Look at the Westmorland Real Estate Market
Your home is located within the popular Westmorland neighborhood. Our analysis focuses on the properties located within this geographic area.
As of today's date there are only 3 active listings in the area which don't already have an accepted offer. A total of 21 listings have sold in the last 12 months. This equates to 1.7 months of supply in your neighborhood, which is an indicator of a strong seller's market. Over the last year only 5 listings have expired in Westmorland. In other words, greater than 81% of all the listings in your neighborhood end up successfully selling. This is another sign of a strong market in your area. Still another sign of a strong seller's market is the large number of listings with accepted offers. Right now there are a total of 6 listings with accepted offers. For every listing without an accepted offer in your neighborhood, there are another 2 listings that have an accepted offer and will be closing soon. Along with a robust spring market, the market conditions in Westmorland are ideal for selling your home.
Recent Sales in the Neighborhood
Click the image below to view all of the recent sales in the neighborhood. I've presented all of the recently sold listings for you, sorted from lowest to highest price. Please review these properties closely, including the pictures, virtual tour and description for each listing. Pay special attention to the features and the quality of the finishes for each property. Once you've reviewed the properties in this list, try to objectively place your own home along the price spectrum.
Current Listings with Accepted Offers
Six active listings currently have an accepted offer and are scheduled to close soon. This is a great list of properties for you to review, because we know each of these listings is priced correctly for the current spring market. Click the image below to view all of the listings with accepted offers, sorted from lowest to highest price. Once again, review each property closely and do your best to objectively place your home along the price spectrum.
Listings without Accepted Offers
Currently there are 3 listings without an accepted offer in your area. Click the image below to view the listings ranked by list price. Because none of these listings has an accepted offer it's likely some will require a price reduction before they have an opportunity to sell. These properties will be your competition when your home hits the market. Knowing this, you want your home to stand out as providing a good value compared to the properties in this list.
You offer a very well-maintained home with many newer appliances and mechanicals. Other desirable features include a ranch style floor plan with all 3 bedrooms on the first floor, refinished hardwood flooring, excellent natural light, and a nice 3-season porch overlooking a well-manicured back yard. The finished space in the lower level is another nice feature many buyers will appreciate.
Given our knowledge of your home and the current market conditions in your neighborhood, you should be able to list your home at $300,000 and receive an offer very close to or even above the full list price. This price assumes you implement our full service marketing plan. Our professional staging, professional photos, professional video, and internet marketing will deliver a large number of showings from pre-qualified buyers. If you implement our stager's full list of recommendations, I'm confident your listing will attract multiple competing offers. I expect a quick sale and a high market price for your home.
It has been my pleasure meeting you and learning more about your goals. I look forward to discussing your market analysis with you and helping you move forward with your plans.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred