How to Know Your Neighborhood’s Real Estate Market
Estimated reading time: 4 minutes
Are you thinking of selling your current home? If so, you should be aware of the overall market conditions in your own neighborhood. Are homes selling? If so, how long are they on the market? Are sellers getting close to their asking price, and if not, why? These questions and more can be answered by using my website to get a free market report, and this article will explain not only how to get one for any neighborhood but also what each report can tell you about the neighborhood.
Why would you need to know what a specific neighborhood real estate market is like? Because real estate markets can fluctuate widely between geographic areas – even those close to each other. A suburb’s market is going to be different than the country’s, even if they are only 10 miles apart. The average sale price, the time on the market, the sale-to-list price ratio, and other factors will vary widely from one area to another. It’s important to assess what’s going on in your neighborhood if you are selling to help you make a decision about if or when to sell, as well as pricing considerations. If purchasing a home, knowing the neighborhood real estate market may save you thousands in the offer price or during negotiations.
My website will provide a better understanding of a specific market area, including properties for sale in that area, demographics, average sale prices, and more. To receive a free Market Report, click the “Find Your Property” or “Search” link at the top of this page, then click the “Complimentary Market Report” button at the center top of the map. Enter the area or neighborhood of interest, and you will receive more information about that area.
Each market report will show you what has occurred in the area within the last 30 days for single-family, townhouses, and condos compared to the previous 30 days for the following criteria:
- The number of properties on the market and how many are new
- Average days on market
- Average home price, # of price reductions, and price per square foot
- Average sold price, # sold in the last 30 days, and sold to listed ratio
- Display of recent listings
- Display of recently sold listings
- Most popular and most expensive listings
- Average property taxes vs. average county taxes
An analysis of the data can indicate whether the market favors sellers or buyers by showing supply and demand. For example, if more homes are coming on the market than being sold, this helps buyers by having more choices. If more homes are being sold than are coming on the market, the supply of homes is reduced, and sellers benefit. If there are many price reductions, plus the number of days on the market is rising, it indicates sellers set the initial listing price too high for the current market. To understand how increased days on the market lowers offer prices, read this article.
Sometimes, just a 30-day view is insufficient to have a complete understanding of the market. I firmly believe that researching these every month will give you a more complete understanding of the market in the area that you’re interested in. If you would like to keep current on the real estate market in this area, you may click at the bottom of the page to subscribe to receive a monthly update.
And if you’d like to have more detailed information about what your home is worth, I would be happy to provide a complimentary Comparable Market Analysis (CMA). And remember – I am always available by phone, text, or email to discuss the results of these market reports with you to help you reach the next step in your home selling process.
