How to Interpret Real Estate Markets
It might have been easier to buy a home when prices where constantly going up because until the bubble burst, everyone expected to make money on their home purchase. But now, with home prices in flux, rising, falling or remaining stable depending on the area, you need to do your homework. However, there are ways to make sure that you make a smart offer for the home of your dreams.
Recent Home Sales Show Home Pricing Patterns
The data for recent sales tells you what homebuyers and investors have paid for homes and condominiums or even multi-family units in the area you are targeting. You can check out the data over a period of time to get a true picture. For example the recent sales data for the past 120 days you will see that 106 homes were sold in the Glendora real estate market for a median sales price of $457,978. Then, look at the same data but for the past 90 days and you will see that 86 homes sold for a median price of $453,485. Next, check the data for the past 60 days and you will see that 64 homes sold for a median price of $444,622. Finally, in the past 30 days, 26 homes sold for about $433,169. All this data shows a pattern that indicates that home prices are still falling in the single-family home market
Recent Sales for Condominiums
If you are thinking of buying a condominium instead of a home, you can get the same kind of data to compare. So, turning to the condominium market, you will see a slightly different pattern in the Glendora real estate market. Eleven condos sold from January 2011 to the present for an median sales price of $326,264. That price remained fairly stable for the next 30 days but dipped to $292,980 when looking at the data for the past 60 days. Finally, 4 condos sold in the past 30 days for a average price of $293,475. This data shows a little more stability in the condo market when compared to the Glendora home market.
What Is Happening In the Area?
Looking at nearby cities to determine price highs and lows will give you a general picture of the area. For example, West Covina is a city in the same general area as Glendora. In the past 30 days, home prices averaged $442,779 and condo prices were $236,359. The maximum price in the West Covina home market was $1,350,000 and the lowest price was $255,000. The maximum condo price in West Covina was $410,000 and the lowest price was $140,000.In the San Gabriel real estate market home prices ranged from $700,000 to a low of $380,000. Condos sold for a high of $345,000 to a low of $320,000.
Look At Specifics
While it is good to look at average high and low prices and price increases or decreases over a specific period of time, it is also important to zero in more closely on the type of home or condo you are looking for. For example, when you know the price range and the features of the property you want to buy it is easy to search for other homes or condos in the same area with the same features to see what they sold for. For example, let us say you want to check out the recent sales data for Glendora homes that sold for $500,000 to $600,000 with 3 bedrooms and 2 baths. You would find there are currently 7 listings that meet that criteria and it is an easy enough job to compare those properties online.
Put The Data To Work
Taking the knowledge you gain from your research and the specific expertise provided by your real estate agent, you should have all the facts to help you assess what kind of an offer to make on the property of your choice. As long as prices are relatively stable as in the Glendora real estate market, and you do due diligence regarding the condition of the property you anticipate buying, you can feel safe that your investment will be a wise one.
Recent Home Sales Show Home Pricing Patterns
The data for recent sales tells you what homebuyers and investors have paid for homes and condominiums or even multi-family units in the area you are targeting. You can check out the data over a period of time to get a true picture. For example the recent sales data for the past 120 days you will see that 106 homes were sold in the Glendora real estate market for a median sales price of $457,978. Then, look at the same data but for the past 90 days and you will see that 86 homes sold for a median price of $453,485. Next, check the data for the past 60 days and you will see that 64 homes sold for a median price of $444,622. Finally, in the past 30 days, 26 homes sold for about $433,169. All this data shows a pattern that indicates that home prices are still falling in the single-family home market
Recent Sales for Condominiums
If you are thinking of buying a condominium instead of a home, you can get the same kind of data to compare. So, turning to the condominium market, you will see a slightly different pattern in the Glendora real estate market. Eleven condos sold from January 2011 to the present for an median sales price of $326,264. That price remained fairly stable for the next 30 days but dipped to $292,980 when looking at the data for the past 60 days. Finally, 4 condos sold in the past 30 days for a average price of $293,475. This data shows a little more stability in the condo market when compared to the Glendora home market.
What Is Happening In the Area?
Looking at nearby cities to determine price highs and lows will give you a general picture of the area. For example, West Covina is a city in the same general area as Glendora. In the past 30 days, home prices averaged $442,779 and condo prices were $236,359. The maximum price in the West Covina home market was $1,350,000 and the lowest price was $255,000. The maximum condo price in West Covina was $410,000 and the lowest price was $140,000.In the San Gabriel real estate market home prices ranged from $700,000 to a low of $380,000. Condos sold for a high of $345,000 to a low of $320,000.
Look At Specifics
While it is good to look at average high and low prices and price increases or decreases over a specific period of time, it is also important to zero in more closely on the type of home or condo you are looking for. For example, when you know the price range and the features of the property you want to buy it is easy to search for other homes or condos in the same area with the same features to see what they sold for. For example, let us say you want to check out the recent sales data for Glendora homes that sold for $500,000 to $600,000 with 3 bedrooms and 2 baths. You would find there are currently 7 listings that meet that criteria and it is an easy enough job to compare those properties online.
Put The Data To Work
Taking the knowledge you gain from your research and the specific expertise provided by your real estate agent, you should have all the facts to help you assess what kind of an offer to make on the property of your choice. As long as prices are relatively stable as in the Glendora real estate market, and you do due diligence regarding the condition of the property you anticipate buying, you can feel safe that your investment will be a wise one.
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