The Real Estate Market

The Real Estate Market

If you are at the beach watching the water swirl around your feet, it is impossible to know whether the tide is coming in or going out. The same is true of the real estate market. However, there are signs to help you predict probable market trends.

How do you know if your local market is getting soft?
· Average selling time for houses has lengthened by 30% or more
· Widening gap between asking prices and final selling prices
· Vacancy rate in office buildings and other commercial real estate is increasing
· Decline in the number of building permits issued

How do you know if your local market is getting strong?
· Local employment is rising 3% or more annually
· Stable or shrinking number of houses are for sale
· Area enjoys significant upgrading or expansion of retail business
?· Extensive highway development or a new airport-improved transportation often brings growth to an area
· Major land purchases are being made by expanding or relocating companies
· Many new houses are of high quality
· High percentage of owner-occupied housing in the neighborhood