Tips for Buyers: Learn About the Local Housing Market

by Park Wine Country Group 03/22/2020

An informed homebuyer may be better equipped than others to enjoy a successful property buying experience. In fact, an informed homebuyer likely will understand the ins and outs of the local housing market – something that could make it simple for this individual to discover a great residence at a budget-friendly price.

Ultimately, it helps to review the local real estate market closely before you embark on the homebuying journey. Lucky for you, there are many things you can do to analyze the local real estate market and gain the homebuying insights you need to succeed.

Let's take a look at three tips to help you study the local housing sector so you can navigate the homebuying journey with poise and confidence.

1. Assess the Prices of Recently Sold Houses

Oftentimes, it is a good idea to review the prices of recently sold houses in cities or towns where you plan to search for your dream residence. If you understand how much home sellers are receiving for their residences, you can narrow your house search to properties that fall in line with your budget.

It is important to remember that city houses may be more expensive than comparable residences in small towns, too. Thus, you should budget accordingly based on where you choose to search for a home.

2. Find Out If Homes Are Selling Quickly

Take a look at how quickly homes are selling in cities and towns where you want to live. With this housing market data in hand, you can determine whether a buyer's or seller's market is in place.

In a buyer's market, there may be an abundance of available houses. Or, in a seller's market, homes may sell within days of being listed.

If you are operating in a buyer's market, you may be able to take your time to find your ideal house. Comparatively, in a seller's market, you should be prepared to act quickly to acquire your dream residence.

3. Consult with a Real Estate Agent

A real estate agent can teach you everything you need to know about the housing sector. That way, a real estate agent can help you become an informed homebuyer in no time at all.

Typically, a real estate agent will learn about you and your homebuying goals. He or she next will provide insights into the housing market in your preferred cities and towns and help you hone your house search. Then, a real estate agent will help you search for your dream residence. And once you find a house you want to purchase, a real estate agent will help you submit a competitive offer to purchase this home.

As you prepare for the homebuying journey, it may be beneficial to learn about the local real estate sector. By doing so, you can gain comprehensive housing market insights that you can use to streamline your home search. As a result, you could speed up the process of finding and purchasing your ideal house.

About the Author
Author

Park Wine Country Group

Dennis Park

With over forty years of sales performance, Dennis combines old fashioned customer service, with new age technology and marketing.
Well-versed in residential and commercial real estate sales, Dennis provides high levels of communication, attention to detail and experience; all of which have been hallmarks of his extensive career. He was recognized as Realtor of the Year by the Women's Council of Realtors and as Volunteer of the Year for Big Brothers and Sisters. Dennis is currently a member of the Park Wine Country Group (along with his Realtor wife Teresa) as well as managing broker for W Real Estate.

Teresa Park

Teresa has been involved in the financial services industry for over 20 years and has an extensive background in banking, title, escrow and real estate. Besides winning numerous sales achievement awards, Teresa is a Certified Relocation Specialist. This knowledge combined with her desire to work diligently for her clients, allows Teresa to provide a high level of professional service in an atmosphere of good communication and results. Helping families achieve their real estate goals is the cornerstone of Teresa’s career; and she is fluent in both English and Spanish which allows her to serve a wide range of customer needs in the greater North Bay.

Additionally, she is involved in charitable organizations ranging from the Windsor Community Center, the Children's Village, the Red Cross, and is a frequent ‘foster mom’ to dogs in need of finding a new home. Teresa is well traveled and enjoys the experience of visiting other countries and cultures, and believes that it broadens her compassion and understanding of people in all walks of life.