Buying a home is an important decision. That decision can often be an emotional and confusing time. While buying a home is not always about the numbers a little market knowledge can go a long way. Market statistics are also helpful for home sellers to place their home competitively in the marketplace. Here are some helpful stats every buyer (and seller) should know:
1. What kind of market it is
There are typically three kinds of markets, a buyer’s market, a seller’s market and a normal or balanced market. Remember all real estate is local so if you have a question about what kind of market it is in your area be sure to consult with a real estate professional who can help give you the local information and statistics.
2. Average home prices
Having a good grasp on the average sales price in your marketplace will help you know the pool of buyers you have to compete with when buying a home. If you are selling you will know if you have large or small pool of buyers. A home above the average will have a smaller pool and a home below will have a bigger pool of buyers who can afford the property.
3. Absorption rate
The absorption rate is also known as the amount of inventory. The absorption rate calculates the amount of time a home is likely to sell in. To figure out the absorption rate divide the total number of available homes by the average number of sales per month. A high absorption rate (5 months or less) indicates a homeowner should sell in a shorter period of time. A low absorption rate (7 months or more) indicates a homeowner should sell in a longer period of time. A normal or balanced market has an absorption rate between 5 and 7 months.
4. Mortgage rates
Mortgage rates vary depending on the type of loan, your credit and other factors. You should at least have knowledge of what the going rate is for mortgages. You may want to get more than one opinion on a mortgage.
All of this information is readily available when working with a real estate professional. Remember to always use a trusted professional when making large financial decisions.
According to a study done by the University of British Columbia, houses and street numbers ending in eight sold at a 2.5 per cent higher rate than homes and street numbers ending with any other digits. In fact, the study also found homes and street numbers ending in four sold at a 2.2 per cent discount.
House numbers have recently become more important with the influx of Chinese buyers in the marketplace and the increasing popularity of Feng Shui. Numbers that sound similar to Chinese words that have positive meanings are believed to be lucky. The number eight sounds similar to the word for prosper or wealth. The fear of the number four, or tetraphobia, is because the pronunciation of the word for four is similar to the word for death in Mandarin, Cantonese and several Chinese dialects.
Thinking of rolling the dice on the number 13? Many large casino hotels in Las Vegas omit floor numbers 4, 14, 24, 34 and 40 to 49. The number 13 is not however, considered unlucky in the Chinese tradition.
Other numbers with perceived good luck are two, three, five and seven. Two because of the Chinese saying good things come in pairs. The number three sounds similar to birth and the number five is associated with the five elements (water, wood, fire, earth and metal). Considered the luckiest number in the West, 7 symbolizes togetherness.
Even though house numbers may influence a buying decision there is no evidence to support actual bad or good luck in homes with certain numbers. The thought of good or bad luck has more to do with the psychology of people than actual events.
Westborough MA Real EstateWestborough, MA - $1,900
15 Treetop Park - Rentals - - Rooms:4 - Beds:2 - Baths:1/15 hours agoWestborough, MA - $1,000,000
1 Quick Farm Road - Single-Family - Colonial - Rooms:13 - Beds:5 - Baths:4/39 hours agoWestborough, MA - $190,000
45 Belknap Street - Land - Acres:1.639 hours agoWestborough, MA - $2,500
1 Park Street - Rentals - - Rooms:7 - Beds:4 - Baths:2Westborough, MA - $358,000
6 School St - Single-Family - Colonial, Antique - Rooms:7 - Beds:3 - Baths:2
Shrewsbury MA Real EstateShrewsbury, MA - $225,900
190 S Quinsigamond Ave - Condo - Townhouse - Rooms:5 - Beds:2 - Baths:2/111 hours agoShrewsbury, MA - $289,900
108 Worthington Avenue - Single-Family - Colonial - Rooms:6 - Beds:3 - Baths:2Shrewsbury, MA - $130,000
65 Commons Dr - Condo - Garden - Rooms:3 - Beds:1 - Baths:1Shrewsbury, MA - $259,900
25 Old Laxfield Rd - Condo - Townhouse - Rooms:6 - Beds:2 - Baths:2/1Shrewsbury, MA - $319,900
9 Wendell St - Single-Family - Multi-Level - Rooms:7 - Beds:3 - Baths:2
Southborough MA Real EstateSouthborough, MA - $949,900
5 Presidential Drive - Single-Family - Colonial - Rooms:10 - Beds:4 - Baths:4Southborough, MA - $397,000
114 Marlboro - Single-Family - Cape, Contemporary - Rooms:9 - Beds:3 - Baths:2Southborough, MA - $988,000
3 Wells Ln - Single-Family - Colonial - Rooms:12 - Beds:4 - Baths:4/1Southborough, MA - $925,000
3 William Colleary Ln - Single-Family - Colonial - Rooms:10 - Beds:4 - Baths:3/1Southborough, MA - $359,900
20 Newton Street - Single-Family - Cape - Rooms:6 - Beds:3 - Baths:1
Wellesley MA Real EstateWellesley, MA - $3,700
26 Park Avenue - Rentals - - Rooms:6 - Beds:3 - Baths:2/1Wellesley, MA - $549,000
10 Hill Top Rd - Single-Family - Ranch - Rooms:5 - Beds:1 - Baths:1Wellesley, MA - $2,895,000
45 Falmouth Rd - Single-Family - Colonial - Rooms:10 - Beds:5 - Baths:4/2Wellesley, MA - $1,325,000
51 Wingate Rd - Single-Family - Colonial - Rooms:10 - Beds:5 - Baths:2/1Wellesley, MA - $2,175,000
102 Abbott Rd - Single-Family - Colonial - Rooms:9 - Beds:4 - Baths:3/1
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