Typical jargon from a real estate agent, right? If you are considering a home purchase, dig deeper by asking your real estate agent these questions about the market:
1. How are asking prices compared to this time last year?
They should be able to provide you with facts about increases or decreases in asking prices and how they relate to the actual purchase price of properties. In other words, the price a seller asks for a property is less important than what it sold for and how long it sat on the market. This information can help make you more informed when you place an offer on a home.
2. Summer is almost over? Have I missed out on the best houses listed for sale?
Traditionally many people consider spring and summer the time to buy and sell homes. One factor is weather of course. It's easier to see landscaping and other items when they are not covered in snow. Another reason is the school calendar. Many families want to be settled into their home before school starts. Your agent should be able to provide data about housing trends in your town to determine how much of a fluctuation occurs seasonally. If you can be flexible, you might be able to snap up a great deal after the weather changes.
3. How does the price for the home I want compare to similar homes in the area?
This is crucial when determining what to offer on a home. In addition to being familiar with the different neighborhoods and amenities nearby homes offer, your agent has access to a very powerful tool: the multiple listing service, or MLS. She can use this to research comparable homes and what they sold for, how long they were active on the market, and other details not always evident to the naked eye.