The real estate market can be one of the most difficult things to learn about. Fear not! Real estate agents are pros at it. But what if you want to know a little more about the market before even finding an agent that you can work with? This blog post can help you find the skills in order for you to know more about the real estate market before stepping out and making that first phone call to an agent.
First, in order to understand the market, you need to understand everything around it. It can certainly be a daunting process and a nightmare. It can leave you feeling confused and not know where to go next. An agent like Kimberly Kelly is extremely knowledgeable about the market and can help you in the process of finding that perfect dream home.
One of the most important elements to the market is understanding outside influences. The market is comprised so many elements, so we made this handy list to help you understand the market better and aid in making the right choice for your future home purchase.
Understand total sales over a period of time
Make a sheet and calculate the growth of the market. If you notice a high inventory in your local market, then the market is certainly thriving, which means prices are low. If you notice a low inventory, then home prices are bound to go up. Thus, understanding the sales and prices is vital to finding a home in the right climate for you.
Knowledge of social, political, and economic factors
It is important to know about the neighborhood near the house you are interested in. Is it safe to live in? Is it clean? Is it close to a big city? Is the political climate right for you? All of these elements are important and doing a little research online in order to understand the real estate climate a little better will help out tremendously in the long run.
Knowledge of listings and prices in every neighborhood you are interested in
Looking up these listings and prices can help you gauge what kind of neighborhood the houses are located in. For example, if you are looking online and are interested in a beautiful house but the price is one-million dollars, then you can safely assume that the houses in that neighborhood are within the same price range.
Understand your own finances and financing opportunities
Looking up prices for homes that are worth 2.5 times more your annual salary is a good way to start when looking for a new home for you and your family. It is important to have your finances in order before even considering purchasing a home. Let’s say that beautiful one-million-dollar home is within your price range once you are pre-approved. Great! But do you have enough to pay the utilities and any monthly payments once you purchase the house? That also should be taken into account when getting your finances in order for a purchase. Understanding your credit score and what you can afford monthly is paramount to finding that dream house. You can use the mortgage calculator on kimberlykellyrealty.com to gauge how much a house would cost monthly.
Trust your agent
Your agent is willing to work with you in their price range and is especially knowledgeable in their line of work. They don’t just show you around houses in your price range for no reason at all. Do not hesitate to tell the agent your needs because they understand every detail about the market, but most importantly, the key to having a successful relationship with your agent is always going to be the trust factor. It is also of paramount importance to know if your agent is a certified Realtor. Kimberly Kelly is a certified Realtor and that means that she is very qualified and knowledgeable in her field.
We hope that you come out of this having learned the skills that are crucial for knowledge of the real estate market and how important research is before deciding on purchasing a new home. Having these skills under your belt will not only improve your knowledge of the market, but it will also improve the professional relationship that you have with your realtor.