Transcript of "Knowing the local real estate market"
KNOWING THE LOCAL REALESTATE MARKETwww.maryellenwood.com
The U.S. housing industry has become an obstacle toeconomic development since the value fall began in2006. Lately, numerous price indices, sales reports andanecdotal testimonies are linking to an evident housingrecovery this year. This may or may not be a benefit tothe wider economy. What does this indicate for local markets?www.maryellenwood.com
A typical problem is that most homeowners and renters tend tolook at national data to make decisions on the local housingmarket. National data can provide good trends across the USA. However,any kind of relevance to local markets is overwhelmed by thesheer variety of information.www.maryellenwood.comGetting Research And Information
A great place to start for local data is the home sales inventory. Inventory is the range of houses you can purchase or ready to beplaced on the market. This is simple supply and demand – a large inventory will pushprices down, while a small inventory tends to push prices up.www.maryellenwood.comGetting Research And Information
Since home values come with an inverse relationship to homeinventories, market participants can apply inventory data tocalculate the best time to place their home on the market.www.maryellenwood.comGetting Research And Information
Lots of resources regarding local rates are available online. Siteslike Trulia and Zillow list data about several aspects of real estate.Prospective buyers can perform lookups according to size, value,features and location. Trulia has an advanced “heat map” thatdisplays rates by state and area throughout the country. Thoughlacking detailed local knowledge, the web is a great initialresource tool.www.maryellenwood.comOnline Data
Residential property is dependent on supply and demand similar to anyother market. Local economic situations can supply hints as to whyinventories may be up or down. Think about the Bakken oil growth inNorth Dakota. Jobs are so abundant everyone is coming from acrossthe nation to look for a job. Home values are increasing becauseinventories are nearly down to nothing as a result of the strongdemand.www.maryellenwood.comEconomic Circumstances
Lastly, probably the greatest way to obtain details about localhousing markets is from local realtor businesses and agents. Your local realtor has probably lived in the area for manyyears, helping with real estate buying and selling. Who better toprovide local details?www.maryellenwood.comSpeak With Real Estate Professionals
Websites might be a good source of information, but only boots onthe ground can really explain the situation to clients. Real estate agents can offer that assurance. Trends and dynamicsonly visible to the human eye alone may vanish in aggregatedstatistical data.www.maryellenwood.comSpeak With Real Estate Professionals
MARY ELLEN WOODwww.maryellenwood.comYour personal source for answers to any questions about Colorados Front Range andBoulder County homes for sale, market trends and predictions, plus community information.Boulder Real EstateBroomfield Real EstateColorado Real EstateLafayette Co Real EstateLongmont Homes Real EstateLouisville Co Real EstateNiwot Real EstateSuperior Co Real Estate
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