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5 Things Every Buyer Should Know About the Market

February 6, 2023

 
Buying a new home can be an exciting time. It can also be frustrating and exhausting. To help prepare, here are five important things to know about the market.
 

1. Is It a Buyer’s Market or Seller’s Market — and What’s the Difference?

  • In a buyer’s market, there are more homes for sale than there are people who want to buy them.
  • In a seller’s market, there are more people who want to buy homes than there are homes for sale.
  • Look at days on market, list-to-sales price, and other data points to see where your market is right now.

2. What Are the Local Pricing Trends?

  • Do some online searches in communities where you’d like to live.
  • Check neighboring areas and towns and compare prices there, too.
  • Areas with higher home prices usually are in higher demand.
  • As you become familiar with trends, you’ll be able to spot good deals and overpriced homes.

3. Where Are the Up-and-Coming Areas?

  • A key indicator of a soon-to-be-hot town is new infrastructure and development.
  • Look for new businesses, shopping centers, roads, and schools.

4. How Are the Schools?

  • Schools are ranked by how well kids perform on math and English tests.
  • Compare school scores for neighboring areas and try to prioritize good school districts; it’s good for resale.

5. What Are the Neighborhood Demographics?

  • How many homes are occupied by owners?
  • How many are rented?
  • What’s the average age of occupant?

Your goals, our expertise

We understand that buying or selling a home is more than just a transaction: it’s a life-changing experience. That’s why our team of highly seasoned real estate professionals is dedicated to providing exceptional, personalized service for all of our clients.