5 Key Factors Affecting House - Sales Prices!

In the past - several months, in most parts of this country, we've witnessed, a big increase, in both, listing, and selling prices, of houses, on the important estate market! Few, remember, as large, a rise , in recent memory! Even, after, over 15 years, as a true Estate Licensed Salesperson, within the State of latest York, i'm amazed, at the extent , of recent prices, and sales! How long, will this continue, and, what may occur, in the not - so - distant future? Many factors, are involved, and nobody , is for certain , how long, this record, unprecedented, Sellers Market, will continue, nor, what might follow! With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 5 key factors, and why they matter, also as, how important, it is, for home owners, and potential buyers, to know these.

1. Supply and Demand: Over - time, perhaps, the most significant factor, affecting real estate, residential pricing, is Supply and Demand! How many houses, are available, as against , the amount of true, qualified, potential buyers? When supply exceeds demand, we ask it, as a Buyers Market, and when the other occurs, sellers have the upper - hand! Although, we currently, are witnessing, many more buyers, than sellers (houses available), this won't go - on, forever! Historically, land is cyclical, and there's no reason, to expect, sooner, or later, this may again, occur! When might rising prices, and other factors, outweigh, the pent - up, desire to buy, and, what might occur, when/ if, interest rates, rise?

2. Mortgage interest rates: we've been experiencing, record - low, mortgage interest rates, for a protracted , period! This creates the ability, for many, to buy a more expensive home, because, their monthly payments, will be lower, than usual! Eventually, interest rates, and, thus, the true costs, of a mortgage, will rise, and, how might that impact, the overall market, into the future?

3. Overall economy: Overall economic conditions, impact consumer confidence, and, thus, creates greater activity! Is the economy, really, strong, or is that this an after - effect, of, the prolonged period, of pandemic impacts, and emotions?

4. Job security/ confidence: When, the level of job security, and our confidence, in the consistency, and future performance, of all, related factors, we witness, more potential buyers! In addition, many homeowners, after the extended period, we have experienced, seek, both a change, and seriously, consider, trying to take advantage of today's prices!

5. Specific local area, and market: Certain areas, regions, and specific locations, are, more, in - demand, than others, largely, due to the ramifications, and impacts, associated with the pandemic, etc! The immediate impact, occurred, in larger cities, which experienced, lower prices, because of less demand. How long will this occur?

It is generally, challenging, and difficult, to accurately, predict, and time, the real estate market. How, time, rising interest rates, and changing perspectives, as well as, the lack , of some, to return - up, with the required down - payment, will definitely create a changing market!

Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands, conducted personal development seminars, for 4 decades, and a RE Licensed Salesperson, for 15+ years. Rich has written three books and thousands of articles. Website: http://PortWashingtonLongIslandHouses.com and LIKE the Facebook page for real estate: http://facebook.com/PortWashRE

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