Understanding the real estate market is very tricky
Because some people try to be very generalistic. Just because one market is doing good doesn’t mean the other Market is going to do well. For instance each neighborhood is different in fact there is sub neighborhoods of each neighborhood that is different from each sub neighborhood. So you really have to do an analysis on that specific neighborhood, and we’d call that a comparative market analysis. This Compares apples to apples. For instance let’s say we’re looking at a property in the Houston Heights and it is a single family property with 1700 square feet. the first thing that I would look at it is a couple of things actually, the condition of the property, what’s next to the property, what schools is its zoned to, is there any construction nearby, the style of the property, and the year or age of the property.
Yes I said what’s next to the property. This is very important because the Houston Heights doesn’t have any restrictions or deed restrictions. So you can have a beautiful house and then you can have a night club or a bar or even a tire shop right next to you. So what’s next to you or what’s across from you are what’s down the street is very important. The ideal property that people want in the Houston Heights and most subdivisions are quiet, clean, friendly, streets that are great to raise a family in.
Once I have all that information, then I can look for properties that are similar that fit that same criteria plus or minus 15%, that have sold in the last hundred eighty days. then I want to take a close look at each one of those properties and remove some and add some. Then after I get all the homes that look similar then you can do a judgment based on features that your property has or doesn’t have. For instance, if it has a pool than you would add another x amount of dollars or if it has Granite counters and the other ones don’t then you can add x amount of dollars. you’re adding plus or minus to calculate the value of that property. I know it sounds like a lot, but when you get used to it after a few years it’s pretty easy to do. always get a specialist of that area to list or sell your house oh, because they will know that market. They will be the masters of that market. And don’t worry about the commission because they will end up making you more money end with less of a headache. Happy selling!