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How much does amenities, age of the furnishings and size of bedrooms factor into conducting a market analysis?
For example, I am looking at a two bedroom condo that is priced similar to many of the other two bedrooms in the area. While the square footage is similar overall, the size of one of the bedrooms is much smaller than those in other properties I've seen. In addition, the bathroom is in far older condition than other properties. I'd say in terms of size, although it is marketed as a 2 bed I would think it makes sense to compare it to larger one beds and lofts I've seen.
For comparative market analysis is there any data I can pull from somewhere to make comparisons of amenities, bedroom size etc. or is this something that you have to do subjectively? Also, I have found a number of web sites that show the properties sold in the area and it lists that date sold and price. Is there a way to see how many bedrooms the property was?
comps are done based on similar properties, and ususally the sf, will be a strong consideration, and again, a 2 br, would be a plus, for those looking for, and then again, a 1br, would possibly work for single folks or those who do not want house guests.
Last edited by Marka; 01-06-2009 at 07:33 AM..
Reason: no soliciting, please
Golden rule is "similar size, age, condition". Places with two old small run down crappy bedrooms and baths are gonna sell for about the same price. Maybe that amount is close to what a spiffy new huge i bedroom would, but that is NOT what the analysis is based on...
I could probably get a Pontiac Solstice for about the same money as an entry level Lexus sedan, but that does not mean anybody really cross shops those...
That is what a CMA is all about. Real simple: If you go to a used to five used car lots and they all have a 03 Honda Civic in silver with LX trim and similar miles the price should be about the same. Doesn't matter if they also sell 06 Fusion for about the same money, that is NOT what you are comparing...
How much does amenities, age of the furnishings and size of bedrooms factor into conducting a market analysis?
For example, I am looking at a two bedroom condo that is priced similar to many of the other two bedrooms in the area. While the square footage is similar overall, the size of one of the bedrooms is much smaller than those in other properties I've seen. In addition, the bathroom is in far older condition than other properties. I'd say in terms of size, although it is marketed as a 2 bed I would think it makes sense to compare it to larger one beds and lofts I've seen.
For comparative market analysis is there any data I can pull from somewhere to make comparisons of amenities, bedroom size etc. or is this something that you have to do subjectively? Also, I have found a number of web sites that show the properties sold in the area and it lists that date sold and price. Is there a way to see how many bedrooms the property was?
Every area is different, but where I see agents struggle with out here is function. What you are talking about is functionally a one bedroom with an office. While it may be a legal 2 bedroom, most buyers look at function. Out here the big one is calling a 3 bed plus office a 4 bedroom. It is part of the challenge of real estate.
Yes the condition of the bathroom is a factor. A market analysis is part art, part science. It is subjective. You could have a brand new "remodeled" bathroom that has fuscia countertops and teal toilets. It doesn't matter that it was remodeled in 2008. The fact that most people don't want these colors is a factor.
I'm not sure if you found an agent in the Loop yet, but they can look that info (# of rooms) up for you.
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