Before you put your house up for sale, it is important to know how your real estate market is behaving. Is now a good time to sell your home? Real estate is local; this means that if there are more buyers in New York it does not necessarily means the real estate in California is the same. So, if a 4-bedroom house in New York is selling at $120,000 it does not necessarily mean that a house with the same features in California will also sell at $120K.
The easiest and fastest way to get information about your local real estate market is by talking to an agent. Agents have access to the local multiple listing services so they are more familiar with how the market works, how many houses sold and at what price. By knowing these, you will have an estimate of how much your house will sell.
This may seem old school but another great way to research about the local real estate market is by reading the newspaper. Check out the local newspaper by subscribing or by visiting their website. There is a section in the newspaper which is dedicated to real estate alone; If you have not done it already, keep track on number of similar houses sold and the corresponding prices.
Make use of the Internet. With today’s technology, you can find almost anything in the Internet. You can even get an estimate of your asking price by using an online calculator. You can also interact with agents online or via social media sites.
You can also talk to a local appraiser. Appraisers are normally hired by banks to evaluate the real estate’s fair market value. They can be good source of information about the latest market trends.