The best way to determine the right properties to buy and the right time to sell is by staying on top of the real estate market. But real estate is an investment is very much dependent on market prices and influences that can change from one month to the next. Here are some ways to catch up with what’s happening.
One of the best indicators of demand today is the market for millennials. This is the generation that’s just coming of age, getting established in their careers, and looking to buy their first home. For most, this is going to be a starter home. A good starter home that’s agreeably priced should sell within 60 days. Keeping track of these sales is a good indicator of the market’s potential.
2. Online Sources
A great deal of online activity is being captured for analysis. Real estate websites can show you much more information on your area than simple listings. Some of the major ones, such as Trulia and Zillow, provide smartphone apps so you can check on your local market anytime you want to.
3. Neighborhood Indicators
When the unemployment rates are falling and median sales prices are rising in your area, housing markets are taking an upturn. Short-term trends usually turn into long-term trends. Checking on the number of for sale signs as you drive through a particular neighborhood is also a good idea. If it seems like there’s too many, no one’s buying.
4. Time on Market
The length of time a house stays on the market before it’s bought is a good indicator of what type of real estate is selling in a particular area. Often, you can order online search results by time on market. Compare the fastest sellers to the slowest sellers, and you’ll get a good idea of hot property types. Narrow your search down further, and you’ll discover what features are in demand. Contact a realtor from a business like North Captiva Realty Inc if needed.
Find out what’s happening within your target community. If there’s new businesses coming in, that could represent an upturn. Growth in transportation, retail, and hospitality industries usually involves well-informed investors. If they think the community is booming, it probably is. But demand for real estate may be mitigated by new housing development. Opportunity lies where there’s economic growth in the vicinity, but limited housing in a particular area.
Make it a habit to follow real estate trends and prices in a particular area, or even in a wide geographic sense, will help you develop a better sense of when the right time to buy or sell comes around.