Dave Perry-Miller & Associates

Market Analysis

Four factors determine the marketability of your home: its CONDITION, its LOCATION, the local ECONOMY, and the PRICE of your home relative to the active competition on the market and most importantly to the comparable sales.

Property Condition          

The condition of your property is made up of many components.  Its age, street appeal, floor plan, and the stability of the structure are primary attributes which directly affect its value.  Also, the level of updating and amenities play an important role in the relative condition of your home.  Buyers focus on primary areas such as kitchens, bathrooms, flow and openness, cleanliness and maintenance.  Exterior features factored into property condition include landscaping, trees, flowering plants, garage spaces, outdoor entertaining areas and accessibility.

Property Location       

The location is measured as broadly as the City and as narrowly as the lot dimensions.  A property's proximity to schools, shopping, major thoroughfares, and airports is very important to a buyer.  Equally important is the neighborhood.  Within a neighborhood, qualities such as parks, security, neighbors, topography and overall peacefulness play a vital role in a property's marketability.  Homes which are located in the middle of a well established neighborhood usually command higher prices than those on the perimeter of an area, or homes which are situated near a busy street or commercial property.

Local Economy        

The local economy has a direct effect on the selling climate in a neighborhood.  In a seller's market when the inventory of available homes is low, homes sell quicker and closer to the asking prices.  In a buyer's market, many homes are available, the time it takes to sell a home is longer and only the best priced homes receive offers.

Property Pricing     

The price is the most important factor in determining the marketability of your home.  The closer your home is priced to its eventual selling price or "the market", the more showings, repeat showings and qualified offers it will enjoy as well as a quicker, successful closing.  In your neighborhood there is a range of sales prices and prices per square foot.  Naturally, properties which are in top condition, fully updated and well located sell for the highest price per square foot, while properties in need of renovation or repair, or those with inferior street appeal or locations sell in the lower range of price per square foot.  Also, on a broad scale, smaller homes usually sell for higher prices per square foot than equally appointed larger homes in the neighborhood.  Pricing a home takes into consideration not only the sales price per square foot of comparable sales, but all of the above discussed factors, such as updating, market conditions and location in the neighborhood.