A3. Scope of Services for a Professional Neighborhood Market Analysis
(3rd Party Produced - Larger Projects)

This is a sample of a scope of services for a market analysis for an 80-unit project to be conducted by a contracted professional. The scope of service should include market analysis data for new construction home ownership, rentals and owner-occupied homes in a specific target area.

New Construction Homeownership

DATA (What to get)

Conduct a review of new and existing home sales in an area bordered by: (list streets that border your target area) Sale prices Days on market Demographic profile of buyers: income, family size, ethnicity and age How many buyers subsidized? How many buyers already live in the neighborhood?

Survey demographics and existing for-sale market of target area and make recommendations regarding unmet needs for homebuyers. Package of amenities, price, financing and quality of life that will persuade households to move into neighborhood

Identify likely target buyers for new construction, single-family houses. Income Demographics Demands: amenities, services, quality of life (environment, safety and schools)

Rentals

DATA (What to get)

Conduct a survey of rental properties, particularly properties in the target area that use the HUD/Housing Authority Section 8 Rent Payment Subsidy Program. Total number of units and geographic area of concentration Compare Section 8 rents for 1, 2, 3, and 4 bedroom units to market rents

Conduct a survey of projects developed with Federal Low Income Housing Tax Credits in the target area. Compare tax credit rents to market Vacancy rates

Owner-Occupied Homes

DATA (What to get)

Create a demographic and economic profile of existing owner-occupants in the target area.

B. Marketing Plans: For Promoting Your Neighborhood; For Selling Your Houses

OHIO CAPITAL CORPORATION FOR HOUSING