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While market analysis is fundamental to real estate valuation, the tools and techniques of market analysis are often discussed in highly technical terms. Practitioners have long needed a text that describes market analysis as an integrated, "hands-on" process and presents examples of simplified market and marketability analysis techniques that the can be used in appraisals as well as more complex, stand-alone market studies.
Market Analysis for Real Estate is an essential text that introduces a six-step process for market analysis that includes analysis of property productivity, market definition, demand analysis, supply analysis, comparison of supply and demand, and development of a subject capture estimate. Four chapters demonstrate how the conclusions reached in the market analyses of four existing, income-producing properties are used to support market value estimates. Three more case studies are presented to show how the conclusions of market analysis are used to make highest and best use decisions.
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About the Author
Stephen Fanning, MAI, AICP, CRE, is the owner of Fanning & Associates, which specializes in market analysis, highest and best use studies, and valuation. He has considerable expertise in urban planning and community development, having directed several planning agencies in northern Texas. He holds a bachelor's degree and a master's degree and has been an adjunct professor in real estate at the University of North Texas. Fanning is co-author of an earlier book on market analysis and valuation, Market Analysis for Valuation Appraisals, published by the Appraisal Institute, has contributed to The Appraisal Journal, and has been active in the development and teaching of Appraisal Institute courses.