How to Determine Property Market Conditions?
Ask yourself some questions below:
- Are interest rates low or high, rising or falling?______
- Are housing inventories high and rising, low and falling?______
- Are listing times getting shorter or longer?______
- Are their housing shortages in your area?______
- Can more (or fewer) people afford to buy in your______ area?
- Where are you today in the “seven-year cycle?”______
Sometimes, you may want to buy without ever considering the market, if:
- You’ve finally saved up enough money for a down payment.
- You need a bigger house to accommodate a growing family.
- You’ve moved into an area because of a job change and want a place to live.
- You’ve received an increase in salary and can now afford bigger home payments.
All of these are excellent reasons to buy a house, but it could be a mistake to act only on them. None of these reasons takes into consideration the housing market.
Buying a home is not like buying a refrigerator or even a car. You expect those items to decline in value as you use and enjoy them. But a home is also an investment, probably your biggest. You should look forward to your home going up in value over time. Therefore, beyond your personal motivation for buying, you must also consider the market.
Regarless of the type of real estate investing you are considering doing. Based on my 6 years of investing experience, people who are educated in the investing process and understand investing strategies are the most successful. I came across some free investment strategy videos and this ebook that I thought would be cool to share with everyone. You can download it at http://www.SamBell3rd.com . Happy investing and I hope this resource is a benefit for you.
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