Posted by Jaymie Tarshis on 9:47 AM with No comments
Whether you're looking to buy a home or sell you're probably interested in the health of your local housing market. While it's best to consult with a real estate agent, here are some professional tips on how you can measure the housing market on your own time.
Remember to focus on local
Though it's important to have an understanding of what's going on nationwide, the real estate market in your area is hugely affected by local conditions. For more accurate information remember to focus on specific neighborhoods within your city
Take a look at the local unemployment rate
Is it high or low? And what direction is it headed in? A low unemployment rate is a good sign and means more people have jobs; therefore more people can afford to make their monthly mortgage payments.
Pay attention to home sales
Homes sales are one of the biggest signs that your local housing market is either booming or dwindling. If home prices are increasing dramatically, that means buyer demand is high in your local area. This is usually a sign that home inventory is low. When demand is high but inventory is still low you can expect home prices to rise as home buyers fight to outbid each other.
Observe interest rates and trends
Similar to home sales, mortgage interest rates have a major impact on the real estate markets. Interest rates change daily and can greatly influence a person's ability to buy a home. The higher the interest rate the more demand and home affordability goes down. By paying attention to trends in the market, you can more easily monitor if rates are on the down or upward hill.
One thing to remember is that the market is always changing. Therefore, it's important to stay up to date on real estate news so you don't miss the right time to buy or sell your home.
To speak with a qualified real estate agent today and find out what's happening in your local housing market, click here or contact a RANLife representative at 801.478.4545