Whether it’s your first home, a size increase, or you’ve finally found your dream home, there are few things more exciting and intimidating than signing those final papers. However, before you buy there are a few things you should always consider. Along with getting an inspection, you should take some time before you jump in to make sure you’re getting the best price.
Pricing Trends In Your Neighborhood
Start by taking a look back in time to the ways that the pricing in your neighborhood of choice has fluxed over the last few years. If the prices are considerably higher, you might be looking at a sales bubble which may or may not pop. Many real estate websites offer detailed information about pricing trends, so be sure to do your research.
Months of Supply
In the real estate world, the phrase ‘months of supply’ is used as a way to discuss the inventory of houses on the market. If no more homes were added to the market, the amount of time it would take time for all of the houses to sell based on the current levels of demand the resulting period would be the “Months of Supply.” When this number is lower, say less than six months, the pricing for the houses on the market will go up due to the scarcity.
Another feature to keep in mind is the building of new construction. If you are in an area where development is lagging, there may be a lack of available housing as a result. This result can also drive up the prices in the market.
Income and Employment vs. Housing Prices
It is also helpful to research the income ranges of your neighborhood versus the housing prices. If the housing prices are high compared to the local income rates, it is likely that the housing market has created an unstable situation. It is expected that the prices will drop if this is the case.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.