Knowing how to navigate your local real estate market forecast is a crucial determining factor when maximizing the return on your home investment.
Put simply, between the news, social media, and something that a friend of a friend said, it’s hard to determine exactly what’s real estate fact versus fiction. This is exactly why it’s important to find an experienced real estate team. But it’s also crucial to conduct some self-led research to gain a better understanding of your local real estate market forecast.
The bottom line is that you want top dollar for your home. But if you aren’t a real estate professional, there are a few things you can do to create a light local real estate market analysis.
Looking for a leading real estate team in Spring, Texas? Contact The Tomczak Team, SOLID Real Estate Services today at (832) 458-8519!
5 Elements To Consider For Your Area’s Real Estate Market Forecast
Take a look at the following and start finding the answers to know how to forecast the real estate market in your area.
1. Get Specific On The Neighborhood
You’re beyond excited to sell your home and move into your next dream home. However, you need to ask yourself the following 3 questions first…
What area are you currently living in? Home prices can be significantly different from neighborhood to neighborhood – down to the exact block your home is on. It helps to look into your own neighborhood, zip code, or area within a 5 to 15-mile radius.
How much are other homes in your area selling for? There are many reasons why a particular home is priced the way it is. But you can start by looking into your own home and take into account the current employment situation and average household income of those in your area. A quick online search should be able to bring up a list of homes similar to yours or within proximity for sale.
What are the current interest rates? You can use simple tools like NerdWallet or U.S. Bank. to find this information. Because these amounts can change, simply use them as a starting point in your research.
As soon as you have your answers, you can start conducting a more in-depth local real estate market forecast.
2. Dig Deep & Look At Comparable Homes
Now that you have a list available with homes in your area for sale, take a look at the specifics and find ones similar to yours. You don’t need to find an exact match. As an example, simply searching for “2 bed 2.5 bath at or above 2,000 square feet” should be enough to bring up tangible results.
Then, you can look more closely at the following:
- Last year sold
- Last price sold
- School zone
- Upgrades and amenities
Finding the above information can give you a baseline of where your home might sit when it comes time to sell.
3. Drive Through The Neighborhood
Grab a cup of coffee or an iced tea and hit the road to see what houses are listed in your area.
Spot an open house sign? Attend the open house yourself to get a visual idea of what your own open house might look like. Ask questions to the realtor hosting and take a quick look at sales tactics like staging, new flooring, updated HVAC system, and other common upgrades.
Avoid getting too caught up in the details of each open house and what it has to offer because yours doesn’t need to be exactly like those to be successful. Simply use the opportunity to take notes and think about what you find valuable for your home’s sale.
At this point, you should understand what similar homes around you are either listing or selling for. Now it’s time to take a look at the overall housing market.
Need guidance from the experts? Contact The Tomczak Team, SOLID Real Estate Services today at (832) 458-8519!
4. Know What Influences The Market
There are a few other simple questions you should ask to better grasp your local real estate market forecast like…
How is the employment situation? Essentially, the more people that are working, the better. This is because as others’ revenue streams are open and flowing, there’s more competition to go around when it comes to buying and selling a home. If your particular market is in an area with a low employment rate, it might be harder to find a qualified buyer.
What does the news say about your local market? Do an online search or snag a local newspaper and flip to the real estate section to see what it says about the housing market in your area. Scan headlines and bylines for an overall feel and save those articles in the meantime.
What are residents in your area saying? If you haven’t already, download a free app like Nextdoor to catch up on what others are saying about the good, the bad, and the ugly in your neighborhood. Don’t worry, you can immediately remove this app from your phone if you are no longer interested in seeing its content.
If possible, limit yourself to 15 minutes or so on this app and pay close attention to what could truly be serious issues for potential homebuyers. A few posts that might be worth reading from your neighbors include:
- Crime and related incidents
- New construction notices
- Board meeting information
- HOA updates
- School district updates
- Changes to local parks and recreational areas
The point of taking this step is to get another perspective on what people think about living in your neighborhood.
5. Understand Your Market’s Fluctuations
Is it the right season to sell your home?
You may be ready to sell right away but if the conditions outside are unbearable, consider holding off. In North Houston, we see a big influx of house listings in May to prep for summer sales. This is because spring often inspires people to take action to make a change and grow. Between the blooming foliage and cooler weather, spring is usually the best time to set up an open house, whereas, holidays like Thanksgiving or Christmas are typically low inventory periods.
Don’t Forget To Connect With Your Local Real Estate Agent
Does taking all of the above steps before selling your home feel overwhelming?
The good news is that no one knows your local real estate market forecast as your local real estate agent does. Find a real estate agent to do the work for you and help determine the best price for your home.
Before You Start Preparing To Sell Your Home
When you need a way to stay on top of understanding your local real estate market, find a team you can trust to guide you. The Tomczak Team, SOLID Real Estate Services, is dedicated to working with you to get the most money for your home.
Get started right away and contact The Tomczak Team, SOLID Real Estate Services today at (832) 458-8519!