Hello smart people.. i have some questions related to the housing market. 1. How does one make an informed decision to buy ? 2. How do we really analyze the trend of market ? 3. Where can we get reliable data about housing market for a particular area ? 4. What kind of data analysis / prediction can we do and what features can be useful ? Any leads are much appreciated.. thanks
Focus on the condo market, it is sort of a subset of single family homes but it has it's unique supply and demands. You can get a general feel by researching on Zillow and look and past sales, pending, and for sale. If you want to do additional research you need to size the supply side of condos such as how many condo projects in the next few years, the demand side such as how many people are renters looking to move to a condo, how many older people are looking to downsize from a SFH, how many people are tech companies bringing in who can afford condos but not a SFH. Finally outflow of people, how many people have saved enough living in a condo and can move to a SFH and how many condo owners are getting married/living together and can combine income to afford and want a SFH. What area are you looking at? Do you want low rise? High rise? What is your budget? Seems like you are looking for an an area with appreciation so you need the basics: Location-close to highways, downtown, easily accessible Location to major companies ie MS Schools-less important for condos but still affects your overall house value Crime Public services Timing when you want to buy is tough but general rule is high prices in the spring and summer and low prices in the fall and winter which shows up in Zillow. For condos-HOA research, get the board minutes and look for discrepancies and special assessment. Generally you want a competent board that invests in the property instead of go after pet projects ie. Repainting every 5 years while your driveways and roofs are all falling apart are a bad sign.
1) has money and ability to buy in a good location 2) You cannot, real estate is long term. 3) Your agent 4) not relevant
@public2... for 2... theres talks of recession some time in 2020.. not a sure thing.. but if it does.. then dont you think it will affect the price ?
You cannot time a recession, and it may be happening right now. Every recession is different but generally home values decline and rents increase during recessions.
You should look into couple of factors like mortgage rate, how long a couple of your favorite homes are in the market before being sold, YoY monthly closings, YoY sq.ft appreciation rate. Remember, in previous recession housing was at rock bottom and now it’s at peak. So if you’re planning to sell in next couple years then probably not the right time to buy! But if you’re looking at setting in with a family in the right neighborhood then this shouldn’t stop you from buying either!
Ok.. and where can we get reliable data ? Also, i am renting currently.. so looking to buy 1st home (condo) rather than sell..
National Association of Realtors, Freddie Mac etc. there’s also MLS price drop history in several apps like Zillow, Redfin etc. Understood now when it comes to condo there’s usually a HoA fee and special assessment fees, depending upon how old the construction is this might vary. You might need to factor that in too! Some people might think hoa is unnecessary while some think its okay for exterior maintenance!