Real estate markets are like stocks in the fact that they typically don’t remain stagnant for long periods. In other words, ups and downs are to be expected in all housing markets. Whether you are an agent, buyer, or seller, the best way to stay informed about your local market is through effective research. Continue reading for a few steps you can take to stay on top of your local real estate market.
Read the local media
Have you been monitoring the local media? Today, there are several news sources from the newspapers, blog articles, and local news stations. These sources should supply you with a variety of real estate news/reporting. Local media sources often report about local trends in the area. For instance, there may be plans to build a new shopping center in the local community that could increase home prices. Other factors to keep an eye on would be news about local politics, schools, and crime reports.
Learn about the timing
Buyers, sellers, and agents must understand that timing is critical in real estate. There are slow points in every real estate market. Many real estate experts agree that spring is typically the best time of year to sell your home. However, this claim is not true in all cases, and there are markets out there that are just the opposite. Research the market data of the past few years to understand the home buying and selling patterns change with the seasons.
Speak to an expert
In most cases, real estate agents have access to tools that home buyers and sellers do not. This real estate industry is so dependent on data that requires interpretation to draw conclusions and make projections. With this, most homebuyers and sellers do not have the resources to all the information they need to remain informed about their local markets. However, the vast majority of real estate agents are happy to supply with plenty of valuable information about the market, such as home valuations and homebuying trends.