Understand the Market
Be an informed and sophisticated buyer. If you understand
the trends that affect the market you will be in a better
position as a buyer. Ask your real estate professional about the
following market conditions and trends.
Median Home Price
The median home price gives you the midpoint in the range of sales prices
for a specific period. Compare with previous years to determine if prices
are rising or falling.
Home Sales
Ask about the number of homes sold during a specific period. The more active the market, the higher the number
of homes sold during peak periods.
Days on the Market
Compare the average number of days a home is on the market. A high average could be an indication of a slow market.
There are two types of market conditions that may affect your position as a buyer. In a seller's market, the demand for housing is greater than the supply of homes. In a buyer's market, the supply of homes is greater than the demand.
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