By: Ricardo Medeiros

Understanding The Real Estate Market!

Tags: Understanding The Real Estate Market. Seller Tips, Buyer Tips. Seller's Market, Buyer's Market, First Time Home Buyer's

When you find the right home, move on it quickly. Determining whether you're in a seller's market or a buyer's market first can make a big difference when deciding how much to offer. 

For instance, it doesn't make much sense to make a low offer on a well-priced home in a seller's market. 
Understanding the market is one of the most important steps to take before buying a home. 
In a sellers market, listed properties will often be on the market for 45 days or less before selling. 
These properties will often sell at, near and sometimes even above asking price. 
In general, property prices will be rising. 
In a buyer's market, homes will remain on the market for periods often exceeding two months, and the selling price is usually noticeably less than the asking price. 
In general, property prices will be falling.

To help get an idea of the market in your area, it is important to look at the recent comparable sales, better known as comps. 
Comps are properties within the same general area of each other that also have similar attributes. 
Have your agent run comps on similar sales in the neighborhood. 
Use this information to base your initial offer. This blog was brought to you by Ricardo Madeiros. 
Have questions about real estate, give Ricardo a call.
To watch this blog as a video, copy or click on: