Homebuying Tips: Track the Housing Market

by Suzi Moret 01/12/2020

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

Suzi Moret

 As a Real Estate Broker in Napa Valley, Suzi Moret brings a wealth of creative talent and knowledge to the local marketplace which, coupled with her genuine enthusiasm and passion for helping others, continues to give her an edge in delivering maximum results to her clientele. Suzi is widely respected among the brokerage community for her ability to get the job done and impeccable attention to detail that ensures a smooth transaction for everyone involved. Whether utilizing her well-honed design skills to assist a seller in attaining the highest possible value or finding the ideal property that meets the specific needs of a buyer, she takes pride in providing an unparalleled level of customer service. Prior to obtaining her real estate license in 2004, Suzi owned and operated her own business, "Amazing Cakes," for 13 years. A true philanthropist at heart, she continues to volunteer her time and talents throughout the Napa Valley, from decorating venues and planning menus for fundraising events to sharing her culinary and hospitality expertise. "I am always willing to lend a helping hand," says Suzi, who has also served on the Napa Chapter of the North Bay Association. In her spare time, she enjoys cooking and entertaining for family and friends. Backed by the tremendous resources and support of the company she represents, Suzi Moret looks forward to assisting you with all your real estate needs throughout the Napa Valley.