How to Research Home Prices and Understand the Housing MarketJune 03, 2020
When searching for a new home, you may wonder: “what are the house prices near me” or “how do I research home prices?” Knowing how to evaluate a property’s price is important because it ensures you are making a sound investment decision. Read on to discover how to research your market to help you find the perfect home within your budget.
Start With the Right Agent
A top-notch real estate agent will make all the difference in your homebuying journey. Not only can a realtor request access to exclusive information and model homes, but they also have an arsenal of insider tools to help you get a feel for the neighborhood, builder reputation and market value. They can provide additional information like what you can expect to pay in property taxes.
However, the most effective realtor-buyer relationships are those in which both parties are collaborating to find the best home at the best value. In other words, do not sit back and let your realtor do all the work. Do not be afraid to keep asking questions and digging for more information on the property, the area, the builder and even your potential future neighbors. The more curious you are, the more easily they can help you find the best price.
Do Your Research
Dedicate a good amount of time to doing your own research on the questions that matter most to you. This will help both you and your realtor tailor your negotiations to better meet your needs. Get clear on the questions you have and how the answers might impact how much money you feel confident investing in your house.
An important place to start is by researching similar models that have been built in the area. Does the builder work in a variety of neighborhoods? What have current residents done with similar plans? Is the design you have your eye on also available on a different lot? Knowing these things can help you determine what a truly fair price is for your home based on different factors.
Understand the Market
Take your local market’s pulse if you find yourself wondering, “what are the house prices near me?” Websites like Zillow and Redfin publish a monthly report detailing home values in cities across the United States. The reports allow you to compare your market to national housing market trends—a good clue to the level of homebuying interest in your city. You can even gain insight into whether homes are selling quickly, the market temperature and median price. These numbers can help you fine-tune your budget and ultimately make an initial offer.
Knowing how to research home prices can help you determine if you are getting a good deal on your new house. Are you ready to find the perfect home for your family? Explore and compare Perry Homes’ move-in ready properties in some of Texas’ most desirable communities.