4 Stats Homebuyers Should Know

To have the most positive and successful homebuying experience, homebuyers should be as educated as possible about the market they are navigating. Knowing what you're getting into in advance will keep you from feeling too frustrated or overwhelmed. Trulia discusses four points that are good to know when searching for your new home:

1) The number of homes you'll lose before you win.
It's completely normal for buyers to lose out on a few homes before they are the prevailing bidder. When you lose a bid, move forward quickly in search of your next opportunity to make an offer. 

2) Average number of offers per listing.
Ask your agent about what is standard, in terms of competition levels, in the neighborhoods, price ranges, and property types you're looking for. In today's hot market, some people experience multiple offers, same-day sales, and above asking price offers. If this is the case where you are looking--you should know about it. 

3) Neighborhood "run rate."
A run rate mathematically tells you what home prices in an area would be in the future if the continued rate of rise continued for a year. While home price increases can be seasonal (with greater increases occuring in the spring and summer months), our market is still recovering from the recession, so it's quite possible that home price increases will continue to rise throughout the year.

4) Inventory rate and direction
How many houses are listed for sale, and is this number increasing or decreasing? If you're a more selective buyer with a long wish list, it may be hard to find your new home in a lower-than-average-inventory market such as the one we're experiencing today. Knowing this, you may have to sacrifice some of your "must haves" or up your budget. It's best to be realistic about what you can and cannot get in a certain area for a specified price. This will help you make well-timed, well-informed, competitive offers.

If you're not currently working with an agent, and would like to know more about these statistics pertaining to where you'd like to live, contact me. It would be my pleasure to help make your home buying experience easier and more enjoyable.