12 Jun Understanding How your Local Market Works
When you read or watch the news about the real estate market, it may seem
reasonable to make the assumption that the information applies equally to
your street or community.
But, that isn’t always true.
In fact, the characteristics of your local real estate market can differ in many
respects from the regional or national market.
Say the regional real estate market is most active during certain months of the
year. That might be true of your neighbourhood, too. But, there may also be
some caveats. If, for example, buyers are eagerly awaiting listings to come up
in your community, then that micro market might heat up faster than other
areas in the region.
Knowing how your local market works and how it differs from the larger
regional market is crucial when selling. It helps you decide when it’s best to list
and helps to ensure your home sells quickly and for a good price. That’s a
strategic advantage.
Understanding the local market also helps when buying. Imagine acting only
on regional or national market statistics without knowing the unique market
characteristics of a neighbourhood you’re hoping to buy into. You could end up
missing opportunities. You don’t want that!
So, pay attention to the local real estate market. Get the latest information on
what’s happening