Steps you can take to get to know more of your local real estate market.

1. KNOWING THE LOCAL REAL
ESTATE MARKET
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2.  The U.S. housing industry has become an obstacle to
economic development since the value fall began in
2006. Lately, numerous price indices, sales reports and
anecdotal testimonies are linking to an evident housing
recovery this year. This may or may not be a benefit to
the wider economy.
 What does this indicate for local markets?
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3.  A typical problem is that most homeowners and renters tend to
look at national data to make decisions on the local housing
market.
 National data can provide good trends across the USA. However,
any kind of relevance to local markets is overwhelmed by the
sheer variety of information.
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Getting Research And Information

4.  A great place to start for local data is the home sales inventory.
 Inventory is the range of houses you can purchase or ready to be
placed on the market.
 This is simple supply and demand – a large inventory will push
prices down, while a small inventory tends to push prices up.
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Getting Research And Information

5.  Since home values come with an inverse relationship to home
inventories, market participants can apply inventory data to
calculate the best time to place their home on the market.
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Getting Research And Information

6.  Lots of resources regarding local rates are available online. Sites
like Trulia and Zillow list data about several aspects of real estate.
Prospective buyers can perform lookups according to size, value,
features and location. Trulia has an advanced “heat map” that
displays rates by state and area throughout the country. Though
lacking detailed local knowledge, the web is a great initial
resource tool.
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Online Data

7.  Residential property is dependent on supply and demand similar to any
other market. Local economic situations can supply hints as to why
inventories may be up or down. Think about the Bakken oil growth in
North Dakota. Jobs are so abundant everyone is coming from across
the nation to look for a job. Home values are increasing because
inventories are nearly down to nothing as a result of the strong
demand.
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Economic Circumstances

8.  Lastly, probably the greatest way to obtain details about local
housing markets is from local realtor businesses and agents.
 Your local realtor has probably lived in the area for many
years, helping with real estate buying and selling. Who better to
provide local details?
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Speak With Real Estate Professionals

9.  Websites might be a good source of information, but only boots on
the ground can really explain the situation to clients.
 Real estate agents can offer that assurance. Trends and dynamics
only visible to the human eye alone may vanish in aggregated
statistical data.
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Speak With Real Estate Professionals

10. MARY ELLEN WOOD
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Your personal source for answers to any questions about Colorado's Front Range and
Boulder County homes for sale, market trends and predictions, plus community information.
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