One of the most frustrating things about this industry is the prevalence of over-generalizations. We've all heard it and perhaps even said it: "The market is hot" or some variation thereof. I am not indicating that it is wrong but for me it is not enough. As a savvy investor, I never make a decision such as buying or selling real estate without drilling down a bit more into the data. Further, when I advise clients, I that they understand the data in more detail with the most notable indicator being price brackets. Other important items include neighborhoods, amenities, etc. This article, and albeit surprising as it is not an industry publication, does an exceptional job of drilling down such information. A peek at some highlights are:
"The Panic Meter" or a clever term for level of competition by price bracket
Your budget: $1,000,000+ Your level of panic: Low. You could find your dream home—and actually buy it.
Your budget: $750,000 to $999,999 Your level of panic: Moderate. There are houses available, but you’ll still need to match list price.
Your budget: $500,000 to $749,999 Your level of panic: High. You’ll be competing against more buyers than usual due to people stretching their budgets to get into a less intense section of the market.
Your budget: $499,999 and below Your level of panic: Very high. You might find the perfect house, but so will 20 other buyers.