Historically, the value of real estate goes through cycles. Many factors affect the value of homes including the laws of “supply and demand.” From the Appraisal Institute, here’s a quick reference guide to some of the factors involved and advice on how to spot a turning point in the market:
1. A spike in local sales activity.
2. Higher asking and selling prices vs. appraisal value opinions for residential properties.
3. More activity at open houses.
4. Shorter marketing times.
5. Reduced number of foreclosures and short sales.
6. Stabilized employment.
7. Fewer buyer incentives and seller concessions.
8. New construction starts.
9. “Move-up” buyers entering the market.
10. Apartments advertising renter specials – fewer renters in the market may indicate more people are moving into owner occupied homes or it could indicate a reduction in population. source: RISMedia.com
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