Monday, November 1, 2010

Staying on Top of Trends in Your Local Housing Market

If you have decided to sell your own home, it is vital that you stay on top of the trends in your local housing market. Realtors do this on a constant basis so that they know how to market each individual property they represent. Since you are taking your property on your own shoulders, you’ll need to spend a little time doing some research. Here’s how to get started.

1. First, start in your own neighborhood. Look for houses that are for sale and then cross reference them with ads in the local paper. See how much they are asking and what kind of features each home has. Start making a list of these properties and track how long it takes for them to sell. You can then begin to see what buyers are looking for in your own area.

2. Start widening your search a little bit to include nearby neighborhoods. You’ll be doing the same thing here, but you’ll also be noting what makes these listings different from yours. You’ll need to be completely honest with yourself when evaluating these properties as compared to your own. What are they doing that you could implement with your own listing.

3. Read through the real estate listings in your paper every day, paying special attention to the Sunday edition. Start tracking which homes are selling and which ones are on the market the longest. Research both to see what makes the homes more or less desirable.

4. Now that you have all of this information, you’ll need to keep an eye on the local listings in your area and continue to monitor them until your own home sells. Tweak your listings if necessary to showcase elements of your property that have been successfully sold with other properties.

You can also use some tools online to help you determine what your local property market is doing. While these may not be 100% accurate you can still get a very good idea of what is selling in your neighborhood as well as the overall prices. is a great place to compare property values and track depreciation as well as any rises in property value. You can adjust your sales price after a few weeks of watching these trends.

Although it is time consuming, it is very beneficial to keep an eye on local properties. Your realtor would be doing this for you, so it is a task that you should take on. Although you will need to devote a few hours a week to this, it can make a big difference in the final asking price for your home. Since you’re not paying a commission, you can look at the extra money you’ll be getting as a salary for all of your hard work during this process.

Never get complacent when you are selling your home. By staying on top of trends, you’ll have a much better chance of selling your home as quickly as possible.