With the fluctuations in real estate prices over the last two years, one thing that the real estate market continues to prove is that nothing stays the same. Some highly populated areas like Los Angeles and New York have recently come out of virtually decade-long real estate depressions and have experienced resurgences that many doubted would ever happen.
in other places in the United States, several parts of the country are experiencing enormous relocation efforts. Small business, mid-sized companies, and larger corporations along with their employees are migrating from the more expensive and established metropolitan areas into outlying suburban areas because that’s where they are nevertheless able to find good real estate buys.
The question to ask yourself is: What kind of market is your area experiencing? Is it a buyer’s market, a seller’s market, or an investor’s market? To make this determination, here are some tips on figuring out the answer:
1. What is happening in the neighborhoods of your area? Are there new families or businesses moving in, or are the majority of people and businesses moving out?
2. What are the policies of the local government? Is new development a major goal of the politicians in the area?
3. Are there new roads being additional, and where? Are new transportation plans being drafted for the city or county?
Pay attention to the circumstances of your particular vicinity, and it will help you determine what kind of real estate market exists where you live and work, and consequently you will be able to make the best decisions in real estate buying, selling and investments.