What does "market analysis" aim to achieve?

Market analysis serves the important purpose of evaluating similar properties within a specific area to establish a fair selling price for a property. It involves a comparative study of recently sold properties, currently listed properties, and those that have expired from the market. By examining key criteria such as location, size, amenities, and condition, a market analysis helps in determining the value of a property based on current market conditions.

This process is essential for real estate professionals to assist sellers in setting competitive prices and for buyers to make informed decisions. A well-conducted market analysis offers valuable insights into market trends and buyer behavior, which can ultimately lead to more successful transactions.