Is Your Housing Market Hot Or Not?

Reblogged from MarketWatch.com

matchstickBuzz about superhot markets, where homes are under contract within days of being listed, may ring true if you live in San Francisco.

Not so much if you’re in Poughkeepsie, N.Y.

As your real estate agent will rightly preach, market conditions vary by location and it’s important for buyers and sellers to know what kind of environment they’re working in.

Queen Anne style homes in San Francisco.

You’ll get your first clue by looking at the area’s job market, because low unemployment means more people are likely able to afford a monthly mortgage payment, said real-estate consultant Louis Cammarosano. Then, talk with a local real estate agent about housing prices and how long homes are sitting on the market before they’re sold.

Prices were up in May, year over year, in each of the 20 markets examined in the S&P/Case-Shiller Home Price Index.

Plus, almost 90% of U.S. markets are expected to experience price appreciation over the next year, according to Veros Real Estate Solutions, a risk management and valuation services firm. Its forecast covers 969 counties, 324 metropolitan areas and 13,502 ZIP Codes, and estimates how much prices will rise between June 2013 and June 2014.

Still, housing markets improve at their own, unique paces.

Your playbook as a buyer or a seller is determined by whether the local market you’re dealing in is frothy, stalled or somewhere in between. What follows are some guidelines for each type of market.

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