Choosing Your Property and Strategy
The use of real estate analytics can both speed the process and give you more control over your real estate decisions.
Why should you use the information on Miami Data?
- Today’s home seeker needs timely information that helps you make important decisions on price, location and timing. The three most important factors when buying or selling real estate. There are a lot of eyes on Miami at the moment with many very high profile sales and overall deal seekers moving down. Some neighborhoods are experiencing tremendous growth over just the last year. We can tell you with near precision what is in highest demand at the moment.
- The emergence of new business models in real estate giving clients more power to inform themselves in the real estate search will get stronger.
- Information and data will be on the forefront with the change in how traditional real estate methods are applied.
- With huge migrations around our country in 2020 and looking forward in the coming years, with South Florida being one of the largest benefactors of new residents, real estate analytics will help in shaping tomorrow’s real estate market.
- Real estate analytics will have focuses on measuring and managing the tangible assets of a neighborhood such as cash and financing among other defining valuation traits.
- Provides a deeper insight about the financial value of a specific neighborhood allowing residential developers to gain insights into demand for housing based on price point and property sizes.
- Independent review of all recorded sales data. One of the primary responsibilities is for brokers to update their local MLS in the reporting of property sales. This includes size and price among many other defining factors about the property. Often in this process, there are mistakes which influence the raw data if left unchecked. Ex., property sells for $3,300,000 and mistakenly reported for $33,000,000. When analyzed in a complete data set, including that sale, this would give a value higher than the actual market and influence the overall case study to a higher price than it should be.
- Real estate agents have long used an approach of pricing real estate with traditional methods that involve a condensed comparative market analysis (CMA). This can sometimes be flawed mostly for the reason that the selection of properties are arbitrarily chosen to increase or decrease the subject properties value.
- Property appraisers use more technical analysis such as the cost approach, but ultimately the process of property appraisal is deeply flawed in that with markets such as Miami, where the real-time real estate market is out pacing closed sales pricing in new and emerging neighborhoods, it’s common to receive low appraisals creating a slew of potential issues for the buyers and sellers in closing a deal. Having relevant market data gives all parties a better understanding of the market and work around any small sample pricing studies.