Real Estate

 

Many factors affect the price a particular house could fetch if offered for sale on the real estate market. While these are both emotional and logical considerations, four specific factors are generally the key components that make the biggest differences in how much a particular home can fetch and the offers that will be presented. . While there are always competing factors, especially how a particular property compares to others for sale in the local area, after more than a decade as a licensed real estate agent in New York State. I have come to believe that 4 specific factors are most important and relevant. With this in mind, this article will attempt to consider, review and discuss these considerations and why it is important to continue, and .

1. Skip the Economy and Consumer Confidence: It is clear that the stronger the economy and the greater the consumer confidence as well as the belief in a strong and sustainable labor/job market, the more people may be ready, willing and able to pay for a new home out of their ! Perception is often far more important and relevant than any other single factor(s)!

2. Interest Rates and Property Taxes: Skipping interest rates is the key to mortgage rates, and of course, the lower the rates, the lower the monthly costs for the homeowner. Even a small change in rate often means a significant difference in monthly expenses. Property taxes also need to be considered in this regard as they factor in the cost of home ownership, maintenance, etc.

3. Supply and Demand: Real estate markets, buyers' markets, sellers' markets and/or neutral markets can be considered! When there are more buyers than homes in a market/sellers, it is a seller's market. When there are more sellers than looking for qualified buyers, it becomes a buyer's market, and when it is somewhere, more balanced/between, it is a neutral market. , in most cases the highest prices are found in seller's markets based on the economic concept of supply and demand!

4. Local Market: Much of the real estate is local in nature! Is your area in demand? What are the strengths and weaknesses? How does your area, neighborhood, location, etc. compare to other areas.

The better a person understands real value, as opposed to what they wish for, the better prepared they will be for home buying. Will you commit to tasks, discipline, etc.?