There is a lot of chatter floating about the upcoming real estate market crash and how home values are going to take a nosedive. Well, like a wise man once said, "Believe half of what you see and none of what you hear."
The housing market has its ebbs and flows; it always has and always will. The person who keeps a keen eye on the local market knows how the market is performing in their area and shuts off the noise makers and naysayers.
Understanding the real estate market does not require the services of a real estate agent. Here are three key areas to follow to get a handle on your local real estate market.
1. Look at the historical data. The real estate market is like a river with its ebbs and flows. Knowing where it has been can reveal where it is going tomorrow. Companies like Zillow, Redfin, and the National Associations of Realtors make it easy to learn what's selling and for how much.
2.Do a deep dive into your targeted market or neighborhood. Learn as much about the area you want to buy into. Where is the best neighborhood or community, schools, hospitals, employment opportunities, recreational areas and parks?
3. Take advantage of multiple sources to gather your data. Local newspapers and community websites give insight into local activities and economic development. Social media, it goes without saying, provides a calendar of events and activities.
4. Visit the area. May not always be possible, but when it is, this will be your most reliable source of information. Just like shopping or buying a car, take advantage of the opportunities to "test drive the neighborhood".
Bottom Line: Being proactive with market research will set you apart from others. Do the work and the work will take care of you.
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