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How do you explain "The Market"? When you sit down with a couple at their kitchen table, and they are looking back at you with hope in their eyes. They are waiting for that "HGTV moment"...they are waiting for you to tell them that their house is worth so much more than they paid for it only a few short years ago. But what if it's not? What if your CMA report says it's worth far less than they hoped? Does the average consumer know what the market is and how it affects their home's value?
If you are a real estate professional you might find this blog a little boring. But if you are a person who has ever heard "the market is doing this", and wondered what the heck "the market" is, I hope you will find this an interesting read.
The market is a localized entity comprised of four important factors. The four factors that make up what real estate people call "the market" are employment rates, interest rates, income rates, and home inventory.
Some areas of the nation have high rates of employment and others have lower rates of employment. The more people have jobs in a ... more
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