People ask me all the time, “how’s the market?” Usually this happens while I am in the checkout line, at the market – lol! Well it’s not an easy answer – because there are lots of markets. Of course, we are distracted with the National Numbers we hear on the news, but we all know real estate is local.
It is so local, your house and the house down the street may have different values. Your house may have a different value a month from now, then today, based on trends either historical or future forecasting. So it’s important to keep in touch with the sales and the unsold homes.
My answer always is, “it depends”! or “Unbelievable”!
It depends on what market you are talking about. There are categories and it is not only geographic. There are categories based on neighborhood, based on price ranges or building styles and even school districts.
Therefore be very careful, if someone says, “the market is great” or some says, “the market is bad”, because it always depends.
This brings me to thinking about Automated Value Models, sometimes called AVM’s, but that is another big subject.
So how’s the market? Talk to a professional, or find out through analysis over time. You want to know the trending, the price gaps and the absorption rate too?
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