There are many factors that affect the price, a specific house, could obtain, if it is offered, for sale, in the real estate market. While there are both emotional and logical considerations involved, four specific factors, generally speaking, are the key components, which make the biggest differences, at what price, a specific home, you could get and deals, to be featured. . While there are always competitive factors, especially how a specific property compares, to others, for sale, in the local area, after more than a decade, as a licensed real estate seller, in New York State. I have come to believe that 4 specific factors are the most important and relevant. With that in mind, this article will attempt to briefly consider, review, and discuss these considerations and why it is important to proceed, with objectivity and a realistic approach.

1. General economy and consumer confidence: Obviously, the stronger the overall economy, and the higher consumer confidence, as well as belief in a strong and sustainable job / job market, the more people will be ready, willing and able to pay for a new home, for your account! Insights are often much more essential and relevant than any other individual factor / factors!

2. Interest rates and real estate taxes: General interest rates are the key to mortgage rates, and obviously the lower these rates, the lower the monthly costs to the homeowner. Even a slightly minor change in rate often makes a significant difference in monthly expenses. In this mindset, one should consider real estate taxes, too, because they take into account the overall costs of home ownership, maintenance, etc.

3. Offer and demand: Real estate markets can be considered buyer’s markets, seller’s markets and / or neutral. When there are more buyers than houses on the market / sellers, it is a sellers market. When there are more sellers than qualified buyers, looking, it becomes a buyer’s market, and when it is somewhere, more balanced / intermediate, it is neutral. Obviously, in most cases, the highest prices occur in the Sellers’ Markets, based on the economic concept of Supply and Demand!

Four. Local market: Much of the real estate is local, by nature. Is your local area in demand? What are the strengths and weaknesses? How does your area, neighborhood, location, etc. compare? with other areas? Factors to consider include: security; schools; convenience for transportation, shopping, entertainment; real estate taxes; etc.

The better you understand real value, as opposed to what you want, the more prepared you will be for the home buying process. Will you commit to homework, discipline, etc.?