If you are looking to relocate, buy a new home, or upgrade your current home then there are some things that you need to know about the area’s housing market.
For many people, this makes them think about things like crime rates and location of schools. These are important characteristics. But, they don’t provide you the information to get the most out of your purchase. That is why we want to explain 4 facts everyone should know about the housing market.
Median Home Sales Price
Today, we have access to more data than any generation in modern times. Resources like AZEF make it easy to search and research homes. In the past, home buyers had to rely on real estate agents, appraisers, or home inspectors to provide information about the housing market in a particular area. Unfortunately, some of these people didn’t always provide the best information. It was not always because they wanted to lie but just because they didn’t want to look like they didn’t know.
Today, you can find all the information you need on the internet. The first thing that you want to look at is the median home sales price. You can find this not just for a city but also for specific areas within a city. You can find this information for the last year, several years, even up to over 10 years. This gives you an idea of what homes in the area are selling for, on average.
Median Home Asking Price
Another great statistic to look at is the median home asking price. Again, you can find this information aggregated for the last few months, last year, last several years, etc. This provides you with an idea of what sellers are asking for their homes.
You want to use this and the median home sales price together. If you see that there is a huge difference between these two then you may be looking at an area where you can find deals. After all, sellers can ask whatever they want to. But, you know how much they are actually getting.
Number of Homes for Sale
This statistic provides you with a few of how many homes are currently listed in a specific area. You are only looking for one home. But, this statistic shows you how many you have to choose from. It also gives you an idea if there are motivated sellers trying to sell their homes in a crowded market.
Number of Sales Per Year
This is the fourth important statistic that we are going to talk about. You can find this information for the last few months, all the way up to several years.
This allows you to see if the number of sales in increasing or decreasing. You also can see if this number is higher than the number of homes that are currently available. If there are more homes available then usually sell in a year then you are likely to find a seller that is willing to negotiate their price.
To get the most out of a Chandler homes for sale buying purchase, or any city for that matter, keep these 4 facts everyone should know about the housing market in mind.