Jobs. Several states were not as much affected by the downturn of the economy compared to other states. The U.S. Bureau of Labor Statistics released a job-growth data at www.bls.gov, which prospective buyers of Carmel CA Homes are advised to review. The 1-month old job data evidently show the route of the local economy. The National Association of Home Builders, likewise, issued state and local employment data.
Prospective buyers may also examine their personal-income presentation for the previous six-month period by the U.S. Dept. of Commerce’s Bureau of Economic Analysis, at www.bea.gov.
RECENT SALES
Activity. There are three factors should be considered. Housing inventory, sales volume and prices are the three elements that should be measured together.
Jeffrey Jackson, chairman of a New York appraisal firm stated that great stock lists of homes with few existing transactions are bad signs. Instead, if list is declining and dealings are going up, that is a positive indicator.
Buyers of Carmel CA homes can also view monthly inventory statistics frequently issued by state and local boards of realtors. Inventory analysis by metro area can also be seen at the U.S. Census Bureau’s website. Make certain to match current inventories with long-term averages.
Also, check out the rate of leasing vacancy, and evaluate them against old rates. The information can be found at the Census Bureau’s website (www.census.gov).
Construction. Although not as authentic as jobs or sales-trend data for acquiring a record on a local housing market, the number of licenses newly released for local builders is valuable for judging builder view and, eventually, future real-estate events.
National Association of Home Builders provides recent permit information on their website (www.nahb.com) or you can check from your county or municipal building department.
MORTGAGE
Availability. It is particularly significant to be familiarized with local lending practices, if you reside in an area where most people use mortgages. In the consequence of the economic crisis, most national banks stiffened lending criteria. But some local banks have not been smashed as hard by the real estate crash and are more eager to lend, even for affluent homes, like Carmel CA homes.
Anecdotal evidence. It might sound outdated in an age of technology, but driving around neighborhoods, looking into open houses and talking to local agents still are great ways to collect local-market news.
The strategy is to do this kind of investigation only after you have collected hard data, so that you don’t misunderstand the signs.
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