This question is being asked by home buyers and sellers in every corner of America. Everyone is asking because it’s critical to know whether the market is moving up or down, in 2009 and every time you consider selling your current home or buying another one.
In the Denver real estate market, the answer is dependent upon location. Some neighborhoods, like Wash Park and Cherry Creek, have posted gains in this economy. Home values in other neighborhoods, like East Quincy Highlands and Kipling Villas, have taken a tumble. If you want an opinion of the market conditions in your neighborhood, with regularly updated customized reports, ask a local real estate expert.
When do you need the current market value of your real estate investment? Homeowners should review market trends on an annual basis, at the very least. Early January is a good time to obtain a comparative market analysis that reviews the specific sales data from your neighborhood.
Homeowners should also obtain an updated CMA before you:
Apply to refinance your mortgage
Take a home equity line of credit
Plan a home renovation project
Meet with your family law attorney
Consider the sale of your house
Homebuyers should also review a detailed market analysis before placing an offer on a home. Ask your Realtor, ‘How much has this neighborhood appreciated or depreciated in the past 12 months’. In fact, it’s a good idea to obtain a two or three year history on the market trends in the community before you make your largest financial investment decision.
If you’re thinking about selling your current home and buying another in the same community, you do not need to be concerned about buying at the “bottom” of the market. For you, both transactions will take place in under the same market conditions. However, if your goal is to build a portfolio of investment properties, then market trends are of critical importance.
In this real estate market, there are tremendous gains to be made. Investors are carefully studying the facts pertaining to each neighborhood, and they are basing their financial decisions on sound advice, backed by market data. After listening and learning, they are buying – the smart way. And so should you.
Author Resource:-
Kathie Shandro is an experienced RE/MAX Realtor in Denver, Colorado. Visit Denver-HomesForSale.com for customized real estate market reports and information about RE/MAX services, including listing and selling properties in Sloans Lake.
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