Elite Realty, LLC
Toni Osterhout, Elite Realty, LLCPhone: (860) 482-4063
Email: [email protected]

Homebuying Tips: Monitor the Housing Market

by Toni Osterhout 08/19/2019

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

Toni Osterhout

Toni is an accomplished and experienced realtor serving Litchfield County for over 13 years. She is a full time career professional that is available for you seven days a week for all your real estate needs. She is a part of the Litchfield County Board of Realtors®, CT Association of Realtors®, CMLS®, MLS, E-Pro, and Affordable Housing Committee Member of LCBR 2006.

After earning her degree in Fine Arts and Graphics from NCCC she decided she wanted something more for herself and became a licensed CT Broker. She excelled at completing the Principles and Practices of Real Estate course and Appraisal 1. Toni continues her real estate education by participating in Real Estate educational programs every 2 years for Contract Law, Environmental Issues, Ethics, and Fair Housing.

During her time at Coldwell Banker she achieved Agent of the Month in Listings in 1998 and Agent of the Month in Sales in 2000 as well as the Top 5 in Sales. She was inducted into the International Diamond Society in 2002. Today, she remains in the top 19% of all Sales Associates across the Country.