Why is it called a housing "market?" The short answer is because prices fluctuate constantly. But why? Again, the short answer is supply and demand. That is the biggest factor in fluctuations but there are many others that affect home prices from one location to the next. There - I just mentioned the first factor that everyone knows - location. Even within your small town or neighborhood there are more and less desirable influences across town and down the street.
But getting back to outside influences in the housing market, we have to start with mortgage backed securities and how they affect the mortgage rates. These things are all influenced by the bigger picture which includes the GDP, employment markers, new housing starts and many more. In other words - it's complicated. That is the nature of all "markets." So what does a seller need to know to price their home right? And what does a buyer need to know to purchase in the current market?
The most important thing is to have an agent in your corner who keeps abreast of all the factors influencing the market you are buying or selling in, along with the nuances of your location and how it is trending right now. As agents we have a variety of tools and information at our disposal to help us track the market in order to educate clients on pricing. To receive quarterly updates on the housing market in Marin, a specific town, or another county, just request a custom report and let me know what markets you would like to track.