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Real Estate

How to Evaluate Your Local Real Estate Market

The real estate market continues to be strong across most parts of the United States. Because of this, you may find yourself in the position of either buying or selling a home. When considering entering into either side of any Suffolk real estate transaction, it is helpful to have a clear understanding of the current market trends. There are multiple ways to collect information to help you evaluate your local real estate market.

Research Current Listings and Recent Sales

It is fairly easy to find current listing and sales information on the internet. You do not need to have a Real Estate license to access this information. Consumer friendly sites like Zillow and Trulia keep data on current home listings and recent sales. There are a multitude of sites that make it easy to search for this public information.

You should be able to identify if there are more or less listings than average, which will give you an idea of housing supply. Then, look at the average days on market. When homes are selling quickly, it’s an indication of a hot market.

Consider the Local Business Environment

When evaluating your real estate market, you will want to consider the local business environment. Do you see any large companies moving in or out of your area? Are local businesses thriving or are there many commercial locations vacant and for lease?

Consult Local Brokers

While many realtors will always paint a rosy picture of any real estate market, if you call several brokers and pose the right questions, you are likely to get some helpful information. Have your list of questions prepared before you make any calls. Record the answers you receive and see if you spot any recurring themes in responses.

Taking a close look at your local market will help you position yourself well in a transaction whether you are buying or selling.

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