Costa Ricav Eeale Estate

 Many are paying more attention to prices, houses selling, selling - today than in most previous periods because last year home prices rose at or near record rates, etc. ! The reality is that while for most Americans the value of their home is their single largest financial asset, many try to simplify it, the reasons why, the residential real estate market reacts the way it does! After over 15 years as a licensed real estate agent in New York State, I recognize that there are at least 5 factors that contribute to market prices and pricing. With that in mind, this article will attempt to briefly consider, explore, review and discuss what it is and why it matters.

1. Supply and Demand / Inventory: As with most economic conditions and markets, the concept of supply and demand is perhaps the most relevant! Traditionally, many think of these conditions as creating either sellers, buyers and/or a neutral market, based on the relationship between the number of homes for sale (inventory) and qualified, motivated buyers! For some time we have seen a lot - more potential buyers than inventory and this has driven prices up! It seems to be leveling out somewhat with buyer - demand apparently going down, somewhat, while inventory is going up slightly, which should create a market - leveling off etc.!

2. Mortgage Interest Rates: We have seen an extended/prolonged period where mortgage interest rates have been at or near record lows! This means more people qualify for mortgages, as well as much lower monthly mortgage payments! When this happens and the public perceives it as such, the result is rising home prices!

3. Overall Economy/Reality and Perception: When we experience a stronger economy, and/or the public (especially potential buyers) perceive it as such, real estate prices respond by increasing!

4. Local Market Conditions: There is a philosophy that says all real estate is local, and while it may not be as dramatic, it is true that some markets will outperform others, eg for a variety of reasons including: the local economy; suitability; perceptions; and other variables/problems!

5. Specific house: Why are some houses more desirable and attractive than others? When considering a particular house to become your home, consider how the particular property and building relate to it, as well as the neighborhood, and the positives and negatives! How a particular place, compared to others, determines the price obtained!

The better you know and understand the factors that determine home prices, the smarter you can move forward! Are you ready to become your personal best friend?

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