Thursday, April 7, 2011

Real Estate Trends

One of the most frequently asked questions I hear is people wanting to know is How are Housing Prices? Some of the individuals asking this question are interested in knowing the value of their homes while others are interested in knowing if its a good time to sell their property while others are looking to purchase their first home and do not wish to see their purchase fall in value.
With nearly 20 years of real estste experience behind me,I have seen a major rise of home values.What many individuals do not realize that home values rise and fall with the economy.These economic factors include the employment rate,interest rates,consumer confidence local economic conditions and a wide range of other factors.Sources such as the Case Schiller Index have shown that home prices have dropped 4.1% in 2010. However,the National Association of Realtors Data have shown that prices rose in 78 communities while prices dropped in 71 communities during the same time period.There are other studies that show the historicial data on housing prices and projected house prices.There are a wide range of resources that indicate real estate values and trends.I work in Metro Boston and see wide varations in home prices from sub community to sub community and over time.
If you are looking to buy or sell a home it is important to look at what part of the real estate cycle we are in and how long you have owned your home or how long you plan to stay in the home.While a home is an investment,it also needs to be viewed as a place to live and entertain friends and family.It is important to look at the economic implications of buying or selling a home,but its equally important to look at the feeling of being a home owner