If your home for sale is near a military base, it is likely that you’ve wondered how to market your home to the military community. While it’s always a good idea to consult a real estate agent for an accurate comparative market analysis (CMA), it is possible to do your own initial CMA.
Every year in the spring-summer time, communities near military bases have an influx of military families PCSing to the area, which is a prime time to list a home for sale! Doing your own research for a CMA can help you gain an early idea of how much you can potentially sell your home for.
Let’s look at some tips and advice for how to do a comparative market analysis and when you should reach out to a military real estate agent.
How to Do a Comparative Market Analysis
To begin your own comparative market analysis (CMA), you’ll want to begin searching for homes for sale in your area that match your home in the following areas. From there, you can search how much those homes are selling for and gain a better idea of how much you could potentially list yours.
Comparative Market Analysis Guide
- Property type: Is your home a townhouse, condo or single-family home? If it’s a single-family home, what type is it (ranch, two-story, cottage, historic, etc.)?
- Neighborhood: Find homes that are not only similar to yours but also located in an area that is comparable to where your property sits. For example, if you live in a heavily-secured gated community, your home may be worth more than properties just like yours that sit in a non-gated community.
- Location: Similar to neighborhoods, you’ll want to scope out properties that are in proximity to the same or similar areas and amenities as yours. For example, if you live near a desirable school district, you’ll want to do a comparison with homes that are also near highly-rated schools.
- Bed/baths/square footage: The homes you compare your property to should be similar in number of bedrooms, bathrooms and total square footage.
- Age/condition: Find homes that were built at approximately the same time as your property. In addition, they should ideally have similar updates (or lack thereof).
- Parking: Parking conditions can have a big impact on the price of a property. Compare your property to homes that have similar parking conditions, such as a garage, covered outdoor parking, street parking, etc.
Hot Tip: Interested in listing your home for sale in the near future? Consult a military relocation professional to ensure you are making decisions that align with the current real estate market.
Where to Find Military Housing Information
Heading online to scout homes in your area is much more efficient than driving around and going on a scavenger hunt for homes that look like yours. AHRN is a great place to start when it comes to finding homes for your comparative market analysis.
We recommend keeping track of the comparable homes you find, along with any notes you may have on a spreadsheet. Addresses, sale price, number of beds and baths, year built, updates, amenities, etc., are all worth taking note of.
Once you’ve got your price range identified, it can be good to work with an agent who knows all the ins and outs and can take a lot of work off your hands. Check out AHRN’s business directory for a trusted real estate agent in your area.
Consult With a Military Real Estate Agent
There are numerous aspects of selling a home that a military real estate agent, also known as a Military Relocation Professional (MRP), can help you with. Since they are licensed to specifically serve the military community, having an MRP on your side as you begin the process of listing your home can be extremely beneficial.
Not only can real estate agents help you accurately price your home to align with the market, but they can also provide specialized insight on what attracts military buyers. For example, military members receive a Basic Allowance for Housing (BAH), which is meant to help them pay for their housing expenses. An MRP will have valuable insight regarding local BAH rates, which can also influence the price of your home.
A real estate agent can use their expertise and exclusive access to the local MLA to provide an accurate comparative market analysis. They have the knowledge, tools and support of other industry experts to ensure they are providing you the best selling price based on your home’s condition, age, size, amenities and proximity to desirable locations, among many other considerations.
Furthermore, a military real estate agent can assist you with navigating the intricacies of juggling multiple offers and negotiating. While it may seem like an easy task to list and sell your home yourself, the reality is that the selling process can be quite tedious and complicated. Unless you have real estate experience yourself, having a real estate agent negotiate and work on your behalf is in your best interest.
Hold Realistic Expectations
Real estate markets fluctuate, so it’s essential for you to hold realistic expectations regarding what you make from the sale of your property. If your property is in good condition and near a military base or a desirable location, it’s likely that you stand to make a profit from the sale of your home. It’s a bonus if the property is in even better condition than how you initially purchased it!
Even if you stand to lose some money from the sale of your home, there are some positives about the situation to think about. If you really need to unload the home, selling it can prevent you from the hassle of paying the mortgage on a vacant home. Or, even more, searching for renters to help you afford the home.
List Your Property on AHRN
Once you have your price set, it’s time to get the word out! If your property is located within 60 miles of a military installation, you can list it for free on AHRN. Here at AHRN, we take pride in being an effective, efficient resource that directly exposes your property to over a million registered users.