Real estate prices cycle through different highs and lows. Keeping track of the following market indicators will help you decide if now is a good time to invest in real estate or not.
Job Growth
People go where the jobs are, and home prices follow jobs. A strong local job market is a sure sign of a healthy real estate market. While the Wall Street Journal gives you insight into the nation's overall economy, check the local newspapers in the area you're considering for statistics on the job market in your chosen area.
Housing Inventory
The housing inventory is the number of houses for sale at any given time in the area. If there are more houses than buyers, prices tend to fall and if there are more buyers than houses, the opposite occurs. Also look at the number of months or days it is taking for homes to sell. If it's less than 60 days the market is considered hot.
Number of Foreclosures on the Market
A foreclosure (or repo as some call them) is a house that has been taken over by the bank because the owner failed to meet the loan payments. The more foreclosures in the area, the weaker the real estate market.
Number of Multiple Offers on Homes
Multiple offers are when two or more buyers "bid" at the same time for the same house. It's a sure sign of a hot market, usually resulting from a limited inventory creating the need for buyers to compete on price for the same property.
If you have questions about our local market, contact us. We'll be happy to get you the information you need to make an intelligent buying decision.
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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.
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