When you buy your first home, or even your second and third, it’s easy feel like a neophyte when navigating the housing market. Real estate can be a tricky business, and it’s important to be informed when you’re making a large financial investment. You don’t have to be an absolute expert to buy a home, but you should know a bit about the area, the housing market in that area, and other pertinent information about real estate. Don’t spend hours poring over legalese and books on real estate; instead, consider any of the following ways to keep tabs on the housing market.
Follow Online Sales Listing Sites
You may already be asking, what is an online sales listing site? But the odds are you probably already use many of the most common ones. From sites like Zillow.com and Trulia.com to others like Redfin.com, you’ll be happy you started checking these sites regularly. Along with showing you trends on specific home and neighborhoods, they can also show you average housing costs and other market data on these types of sites to help you make an informed decision when you buy.
Read the Newspaper
Whether you like to have your dog bring you a print edition newspaper or you simply browse The New York Times online each day, staying up-to-date on current events and economic trends can greatly improve your understanding of the housing market. Who knows, maybe you’ll learn more about other current events while you’re at it as well.
Monthly Market Reports
Maybe the idea of reading monthly market reports makes you fall asleep just thinking about it, but it shouldn’t. These market reports, dry as they may be, aren’t meant to be read all the way through by consumers, though they are free to the public. The point is that by regularly looking through the market reports for the area that is pertinent to you, you’ll have a good idea on when are good times to buy real estate and when are good times to sell. Groups like the National Association of Realtors and the Urban Land Institute all publish monthly market reports that can be accessed by anyone.
After having read about monthly market reports, the idea of reading business journals instead sounds absolutely invigorating. Consider the fact, though, that with the decrease in media personnel, many excellent writers have found solace by writing for business journals, which has greatly increased the quality of writing and topics in the last several years. These regularly-published journals are some of the leading sources of information for the real estate market and its trends.
Find a Point of Contact
Who you know makes a big difference in any industry, from getting hired to seeing success. The same could be said for the real estate market. If you’re interested in buying investment properties or simply love being involved with real estate, it’s worth finding a point of contact, such as a real estate agent, in order to keep yourself in the loop with new and important information.
Let Berkshire Hathaway HomeServices in Santa Fe be your point of contact during your property search. Schedule a meeting today to get started with one of our experienced and knowledgeable representatives.