Whether you're buying or selling, it's good to find out how "hot" your local area is. Here's some advice from Yahoo Real Estate and Inman News on how to do just that:
Talk with local real estate agents. Find out how many listings are on the market in your area. How does this compare with the inventory level of last month, six months ago, and a year ago? How long is it typically taking listings to sell? Is the time lengthening or shortening? Are homes in your area selling with multiple offers? (If so, this usually indicates that there are more buyers than sellers in the market.) In such a market, listings can sell quicker. If prices have been slipping, an inventory shortfall can cause the market to firm up and prices to stabilize.
Subscribe to a local newspaper. How fat is the real estate ad section? Are the same home-sale ads running week after week? Or, are listings selling quickly? Are price reductions common or rare?
A little research can make you a better-informed real estate buyer/seller.
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