Top 5 things to look for in a Comparable Market Analysis

1. Age and condition of the property:

The year the house was built and whether it’s been recently renovated factors into the value. Cocoa Beach and the space coast real estate have a lot of older homes, but they are selling for big bucks. Newer constructions and homes built with high-end materials are often considered more valuable, though historical homes that have been recently updated can also have high purchasing prices. Cocoa Beach real estate has been booming so many new construction homes have popped up and wiped away the older homes that were once a staple of the community.

 2. Location:

The best comps will be located in the same neighborhood as the subject property. Cocoa Beach has had so many sales recently that we have been able to create excellent CMA’s and have given clients an in depth look at the entire spectrum. However, if there haven’t been enough recent sales in the area to complete the CMA, we will select comps located in an area that is considered similar due to the quality of local schools, crime rate, noise level, proximity to amenities and so on. 

3. Lot size:

The size of a property’s lot plays a large role in its market value.  Cocoa beach has been known to have beautiful waterfront lots, and very small beach lots for sale. Differences in even half an acre can have a substantial impact on a home’s price. Square footage also plays a huge role in the Cocoa Beach and Space Coast region. The larger the house, the more valuable it tends to be, especially if you combine things like location, beach front, river front, canal front, and several other factors. Therefore, the extent of livable square footage can be just as important as the number of rooms within the home.

 4. Number of bedrooms and bathrooms:

The more bedrooms and bathrooms a home has, the higher its value will be. Cocoa Beach has a lot of really neat ad ons and special features due to its close proximity to the beach. Specialty features, like gazebos, patios, swimming pools, garages and so on are also taken into consideration. However, it’s important to keep in mind that depending on the local market, not all special features will actually be viewed as increasing the home’s value.

5. Date of sale:

The comps chosen should have sold within the last 3 – 6 months. If sale dates are not current, sales prices must be adjusted to reflect how the market has changed. Market conditions may vacillate either locally or nationally based on the size of inventory and changing interest rates. Cocoa Beach has been know to go up and down, so you must hit the market at the right time.