Is the Market Hot or Not?
There are various stories on any given day about the health of the real estate market. They are so varied in fact that is it extremely difficult to ascertain exactly how healthy the market is. Real estate agents from across the region are sharing stories of homes going under agreement within days of being listed, and offers coming in that are far above listing prices. Is it too late, can you still afford to buy? Should you wait to sell until prices rise even further?
All the while reputable news outlets are reporting a drop in sales, prices, or both. Should you take your home off the market? Will your property lose value? Who is telling the truth?
The reality is, real estate is a very local business and because of that, it is difficult to gage an entire industry’s overall success using anecdotes from any particular area of the country that isn’t your own. Of course most expect the real estate market in New York to be different than it is in Los Angeles.
Would you be surprised to know that your market can change depending on price point or even what street you live on? What is happening to the entry level market is vastly different than what is happening to the move-up market. Even the luxury market has its own price points that determine time on market and overall sale price. It really is that varied.
There are several lessons to be learned here:
- Don’t assume that daily news reports about real estate will determine your level of success with your own real estate goals. National data can provide an overall temperature of the market; however your success will be based on your marketplace. How many homes are on the market in your price point? How many days were they on the market? It’s a lot of information to collect and analyze.
- Never speculate or try to time the market. By the time you think you should make a move, the market has already changed.
- You have access to experts that can help you. There are so many variables that can determine your success and a real estate expert can advise you and lead you through the process. There is data readily available at any given moment, just like the data presented here. A real estate expert can translate the data for you and help you determine the best actions to take.
- Trust your real estate experts. As your real estate expert we can tell you, the current market continues to improve and is moving steadily in the right direction.
Call me, Steve, today to find out more about what your particular property may be worth. I am always available to answer any questions 617-372-1870.