PickYourEstate.com

These days it’s hard to know what is happening in the housing market. Is it rising or falling? There are plenty of people out there trying to predict what is going to happen. The problem is that they are looking nationwide or citywide. Investors need to know what is happening in their specific farm area, though. Here are the top ways to determine whether your market go up or down in 2010.

Prices rise or fall in a specific market based on a number of different factors, and every market will move based on its own unique conditions. Within that market, even different property types and neighborhoods will react differently.

You want to look at homes that are within a 1 mile radius from the center of your farm area. You also should look at the at homes that are within 10% of the median square footage of the homes you would like to buy and sell.

Home prices are for the most part determined by the months of housing inventory available. Price changes tend to lag behind changes in inventory by about 6-10 months. So if housing inventory increases, you will see a decrease in prices about 6-10 months later. If the inventory decreases, prices will then rise about 6-10 months later. Real estate investors are able to use short sales to offer deeply discounted prices when they sell houses before the rest of the homes in an area catch up.

As a general rule, prices will fall if there are 8 or more months of inventory available. They will rise if there are 2-3 months available. This is a solid rule to use for your market in 2010.

In many areas the first round of the First Time Homebuyer credit could not quench the high demand for starter homes. If your are is one of them, the feeding frenzy for lower end homes could continue. Since the credit was expanded to all buyers, sales and prices may be boosted because there will be a larger supply of both homes and buyers available. The impact of the credit might not be that large, though. Only 6% of people who bought homes this last fall said that they did it because of the tax credit.

Gen Y’ers (1977-1994) are in their prime home-buying years. It will take a relatively small increase in demand to spark building in those parts of the country that generate jobs for this age group and have remained relatively stable during the recession.

The cost of ownership is another factor that directly drives up the price of homes. In 2010, the U.S. Treasury will play a very important role in determining whether the market will rise or fall. There was been little incentive shown by the Federal Reserve to raise interest rates in 2009, but it might be different in 2010. The Fed might experience pressure to raise interest rates in order to attract more buyers of U.S. debt. Even just a small increase in interest rates could drive potential buyers out of the market.

State income taxes and local property taxes could increase in the coming year as the local governments face pressure to balance their budgets in 2011. Any increase in property taxes will decrease the number of buyers in the market.

Lastly, foreclosure rates could play a very important role in your area. There will be spikes in foreclosure rates all around the country. Especially in those areas that relied heavily on Option ARM mortgages to sell homes between 2004 and 2007. Their payments will adjust up as interest rates necessarily increase. Communities already experiencing high unemployment will also be facing an increase in foreclosures.

These are just a few of the factors that will impact your local market conditions in 2010. Apply the ones that fit. Every market and micro-market will be different.

Looking to learn more about real estate investing? Then visit www.REWealthCoach.com to find the best advice on how to find motivated sellers.

Estate agents can be an erratic bunch, with levels of service varying greatly. Selling or renting your house is not usually a favourite past time for people, with all the stress involved. It is therefore good to get an estate agent who will go the extra mile for you.

Elite Homes UK, based in Nottingham, are a fairly new estate agent but with experienced owners and staff who can offer a more personal service for you. They specialise in offering a bespoke service for higher end properties. Whether it be house to buy in Nottingham or houses to let Nottingham, Leicestershire or Lincolnshire.

They offer residential house sales and lettings in Nottinghamshire, Leicestershire and parts of Lincolnshire. They are already making a name for themselves, and we asked them to tell us the most common questions they are asked and then give us their answers.

How will you sell my property over and above the other estate agents in Nottingham? “We have better marketing for a start. We use professional photography to show your home in its best light, rather than just take a few snaps with a cheap digital camera. We use a professional to design your layouts on sites like Rightmove rather than use the standard designs they offer. This means your property tends to stand out. One of our key differences is that we offer an exclusive service. Have you ever been to an estate agent to ask about a particular property, only to have them more or less insist you take a look at other similar properties? This may detract you from the house you were interested in originally. Now put yourself in the position of the seller of the house you enquired about originally – the estate agents have in fact lost you a potential sale haven’t they? That is why we won’t do that to you. If someone is interested in your property, we will only promote your property to them.

How will you keep me informed? Many customers of estate agents are frustrated by the lack on feedback and information coming from the estate agent. When you consider how busy people are these days in can sometimes be difficult to get in touch. So we do the usual contacting methods, but we wipe out all communication problems by offering you a dedicated web page you can log into and get access to your notes at any time.

How much can you sell my house for? “We will give you a fair market value rather than try to up the price to gain your business. We are different to most estate agents in that we can also offer you a House Doctor Service. If we spot something that will obviously help you raise your properties value we will tell you. The Service is free, so if you would like the full House Doctor report just ask.

Elite Homes UK would like you to be their next success story, whether you are buying, selling or renting. If you have a house for sale / rent then visit their website at estate agency Nottingham.