Homebuying Tips: Monitor the Housing Market

by Keith Evans 01/05/2020

If you want to purchase your dream house at a great price, you should monitor the real estate sector closely. That way, you can identify housing market patterns and trends and map out your homebuying journey accordingly.

Now, let's take a look at three tips to help you track the housing market so you can speed up your home search.

1. Analyze the Prices of Recently Sold Houses

Take a look at the prices of recently sold houses in your preferred cities and towns. Then, you can use this housing market data to understand the average price range for houses in areas where you want to live.

As you review the prices of recently sold houses, you may want to narrow your homebuying criteria as well. With homebuying criteria in hand, you'll be better equipped than other buyers to seamlessly navigate the property buying journey.

2. Find Out How Quickly Houses Are Selling

Differentiating a buyer's market from a seller's market is key, particularly for a buyer who wants to achieve the best-possible results. If you find out how quickly residences are selling in your preferred cities and towns, you can distinguish a buyer's market from a seller's one.

In a buyer's market, there is an abundance of sellers and a shortage of buyers. This means buyers will find lots of outstanding houses at their disposal.

Comparatively, in a seller's market, there is an abundance of buyers and a shortage of sellers. If you're a buyer operating in a seller's market, you likely will need to bid competitively to acquire your ideal residence.

Once you determine whether you're preparing to enter a buyer's or seller's market, it generally is a good idea to plan ahead for the property buying journey as much as possible. If you know exactly what you want to find in your dream house and where you want to live, you can quickly and effortlessly discover your ideal residence in any housing market, at any time.

3. Assess Houses That Fall Within Your Price Range

Many houses are available in cities and towns nationwide, but it is important to determine exactly how much you can spend on a residence prior to entering the real estate market. If you establish a homebuying budget, you can review the prices of houses that fall within your price range. Perhaps most important, you can avoid the risk of spending too much to acquire your ideal house.

As you kick off a home search, you may want to collaborate with a real estate agent too. A real estate agent is happy to help you pursue houses in your preferred cities and towns and find one that matches your expectations. Plus, a real estate agent will help you submit an offer to purchase your dream home that hits the mark with a seller.

Ready to conduct a home search? Use the aforementioned tips, and you can perform an extensive analysis of the real estate market and boost the likelihood of a successful property buying experience.

About the Author
Author

Keith Evans

 I am a Sales Vice President with William Raveis Real Estate in their Regional Office and lead a $25M+ mega agent sales team. I have successfully been involved in investing, buying, wholesaling, developing & selling thousands of Connecticut & New York properties for hundreds of millions of dollars. Known as a creditable "field lieutenant", I have a strong history as a leader who "rolls up his sleeves" and knows what it takes to get the job done. I am additionally the founder and Executive Producer of the media company Selling Connecticut, a podcast series that acts as an independent ambassador; promoting the reasons why people choose to live, work, build careers & businesses in this State.

Prior to joining William Raveis, I started a chain of Keller Williams Realty franchises throughout Connecticut and New York, developing and building four market centers with over 700 total sales agents. During my tenure I created many training programs and hosted daily training sessions in each market center.

Before to opening the doors at KW, I was Managing Director and an Equity Partner at Spencer Trask, a venture capital company in NYC. During this period I lead the spun-off 5 businesses from Fortune 10 companies, held 2 board seats of publicly traded companies and was the Corporate Secretary for Flight Safety.

At Realtor.com (Move), I was a founding member and Vice President of Sales. I was responsible for building their direct sales force of 175 sales reps and 14 district mangers. Unique during this period was the development a training seminar sales method that led to hundreds of thousands of real estate agents purchasing individual web pages; which helped the company attain a highly successful $2B IPO.

I have also held executive positions at IBM and Dun & Bradstreet. I hold a BA in Economics and currently reside with my family on Candlewood Lake in Connecticut.

Current real estate broker licensees in Connecticut and New York.