If you don’t pay attention to housing market conditions, it’s difficult to know if it’s a good time to buy or sell a house. Even if you pay attention to these conditions, it is still difficult to predict. It can be as unforeseeable as the weather. Sadly, as hard as the housing market is to pin down, almost every factor of it can affect your ability to buy or sell a house. We have some tips on how to check if the water is good or not! Research! Research! Research! Taking the time to understand the housing market can be a pain, but is a crucial step in the selling or buying stage.Here are some basic definitions to know:
- A Seller’s Market: There are more buyers than properties available. Competition goes up among buyers and bidding wars are possible. It is the best time to sell!
- A Buyer’s Market: There are more properties for sale than buyers shopping, giving buyers the upper hand. Houses stay on sale for longer. The seller might be more willing to give in to concessions to get the sale. It is the best time to buy!
- A Balanced Market: This is a status in-between a buyer’s and seller’s market where buyers match the amount of houses for sale. This period tends to only last a short period of time.
Research The Local Housing Market
Look into your local market, as well as the national market. There are many factors to consider such as real estate law, economic status, and surrounding property value. Selling a house in New York will differ from selling a house in California. There is an uptake of buyers in the spring in most US areas, but in Phoenix it’s all year long due to their warm climate. Check out the area’s surrounding house values. You can usually find this information on Zillow or Realtor.com. Be sure to compare and contrast appraisal value and reported median price.
Housing market trends shifts throughout the year. It’s good to keep watch on the ebb and flow. Currently, it’s a seller’s market on a national scale, but not as intense of one. That means it’s also been easier to buy due to not as much competition causing bidding wars.
What Does the Future Hold?
Always keep in mind that marketing predictions are never guaranteed. It’s not a good idea to base your plans around them. Funny enough, these predictions often change the initial prediction due to everyone’s reaction. While the economists are discussing a possible recession, in-turn home buyers might back off. The next five years is predicted to be in the building and buyer’s market though, based on general trends.
No matter what the future holds, one thing is for certain, nothing beats a realtor’s experience. Gregg Sutter has been assisting with buying and selling houses in the Cincinnati area for a long time now. He is knowledgeable about local trends as well as national. If you have trouble shuffling through housing market, contact Gregg!