Is The Real Estate Market Improving? Six Ways to Know.

You might remember when the real estate turned the corner to its downward spiral a few years ago. It seemed to happen overnight, but some analysts predicted it would come.

But how do you figure out when it starts to turn around?

There ARE ways to figure out when the market is about to turn the corner on a positive note, and the very first tip off is fewer For Sale signs popping up around town.

The real estate market, and pricing,  has a lot to do with supply and demand. When they are out of balance, the market is askew and prices will either rise with a lower supply, or go down when the demand is low.

TOP SIX WAYS TO FORECAST AN UPSWING IN THE MARKET IN YOUR AREA:

Employment Numbers: When the job market improves, so does the real estate market.

New Businesses Arrive in Town:  When that closed up shop re-opens, and others follow, it signals a recovery.

Median Prices Start to rise:  No matter how you track the market, whether its by cost per square foot, average or median prices, when the number beginsto rise steadily, the market is improving.

Distressed properties disappear from the market: When you stop seeing ads mentioning short-sales, and the foreclosure market seems to dry up.

Starter Homes begin to sell faster: When these homes (that are in reasonably good condition) sell within 30-60 days, demand is on the rise. That's a reduced market time- so watch the local statistics.

Sellers upgrade their homes and "move up": During rough times, generally speaking, the only homeowners who sell a home are those who MUST SELL, due to circumstances beyond their control such as lack of affordability, a divorce, or job transfer, divorce or they can't afford to make their mortgage payment- and many of those sellers don't or can't buy another home.

A balanced market is one where it is just as good to buy a home as it is to sell one.

Another GREAT way to know whether or not the time is right to buy or sell? Contact me, and I will assess your indiviual situation and let you know if the timing is best for you.

 If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.