Home Buying in 11223>Question Details

Olga Richards, Home Seller in 11224

How can I do a comparative marketing analysys?

Asked by Olga Richards, 11224 Tue Jun 5, 2012

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Olga,
From your previous questions I get the impression you have greater interest in buying real estate than in selling real estate you own. I get the impression you are getting the urge to go the independent investor route and acquire real estate from your own direct efforts. Not a bad objective.

To get market analysis data, you can use the sales trend reports right here on Trulia.
Or you can get more reports from Zillow.
And just about any aggregate website with the words real estate on a page will publish sales and trend reports.
You can even access the county tax assessors website for more trends charts and numbers.
How much more data do you need?

Clearly, the issue is not getting data but understanding the integrity of the data being accessed. Then one must have the education and skill to interpret the data in a meaningful way relevant to the property and the existing market place.

Then comes an additional troubling aspect....what is the objective? Residential purchase, Flip. Wholesale. Rental. Section 8. Equity hold or simply to sell now.

Realtors pay for access to the raw data behind the MLS system. This is real time data. It is the only source of timely, accurate, reliable, local real estate information. And, your local real estate pro will use this data to complete a market analysis and very likely use alternative sources to validate those findings.

Of course you can create something and call it a comparative marketing analysis, but without access to reliable, timely, accurate and local data, how much trust can you have in it?

Mitchell Feldman, Brooklyn NY, made an excellent presentation regarding what a CMA entails. Mitchell very possibly has been in each of these comparable properties that would be used. He can tell you which ones were "10s' and those that were truly ugly. He will know the tangible distinctions of each property. He just might be very well prepared to provide market analysis data that only a professional who does this everyday can provide.

Your best path at this time would be to contact a real estate pro in your area and ask that they provide you buyer access to the local MLS. At least you can collect reliable data. Then, as an investor, the real value is not so important as getting it for 30% of what you can resell it for. The margins in NY may be different.

You, however, have not revealed your objective, so guidance that would be more actionable is hard to provide.

There are some truly relevant clues in the "Market In A Minute" reports you can view on my Trulia blog. You can see the chart, but only I know the numbers behind the pictures. That why a pro is important to have on your team.

Best of success to you.
1 vote Thank Flag Link Tue Jun 5, 2012
on the website zillow, you can type in houses sold in last 3 months in a particular area and you can average out the most recent houses sold in that area
0 votes Thank Flag Link Tue Jun 5, 2012
Dear Olga:

By researching comparable sales and active listings in your neighborhood and then comparing your homes similarities, differences, advantages and disadvantages to those homes and then formulating an opinion of the homes value. This is what appraisers do and this is what real estate agents do. The problem with a homeowner doing this themselves is that it is hard to be truly objective when you are talking about your own home. Emotions sometimes get in the way.

It is for this reason that your best bet would be to have a licensed real estate agent come into your property and give you a formal comparative market analysis.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Tue Jun 5, 2012
Get a buyer's agent and they will do it for you. It's not as simple as adding numbers and then dividing, there are a lot of variables to consider. Make sure the buyers agent is willing to take whatever the seller offers as there full commision, then you basically have an agent working for you for free. Good luck!
Tom Brady SFR, e-PRO, SRES GREEN BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Tue Jun 5, 2012
Don't simply rely on online comps as some are inaccurate and may be too old; rather work with an agent who can provide you with a market analysis and any other necessary information; most agents provide such data free of charge.
0 votes Thank Flag Link Tue Jun 5, 2012
YOU don't!
Your Realtor has access to all the records and can do this for you;
it is part of the service we provide to represent and protect our clients.

Good luck and may God bless
0 votes Thank Flag Link Tue Jun 5, 2012
Happy to healp!
Looking forward to hearing from you...

Regards,

Jack Menashe
917.797.0215
Jack@SHERestates.com
http://www.SHERestates.com
0 votes Thank Flag Link Tue Jun 5, 2012
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