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Real Estate Report Card: Understanding Your Market
A Real Estate Report Card gives you a snapshot of the housing market in your area, helping you make informed decisions whether you are looking to buy, sell, or invest in real estate. Here’s what each section means and why it matters:
Forecasted Appreciation (Next 5 Years)
This shows the expected increase in home values over the next five years based on current trends. If home prices are projected to rise, buying sooner rather than later could mean building equity faster.
Historical Appreciation (Past 5, 10, and 63 Years)
This section looks at how home values have grown over time.
5-Year Appreciation: Reflects recent market trends.
10-Year Appreciation: Gives insight into long-term market stability.
63-Year Appreciation: Provides a big-picture view of how real estate has historically been a solid investment.
This helps you understand how homeownership has built wealth for those who invest in real estate over time.
Supply & Demographics
This section looks at housing supply and demand, including:
Homes Being Built: Shows if there is enough new construction to meet demand. A shortage often means home prices will rise.
Demographics by Age: Helps predict future demand based on population trends. For example, if many people are entering their prime homebuying years, demand for housing will likely increase.
Homeownership vs. Renters: The percentage of homeowners vs. renters shows whether the area is more owner-occupied or rental-driven, which can impact property values and rental demand.
Affordability Index
Affordability is key when determining if now is a good time to buy.
Median Household Income: The average income of households in the area, which influences how much home people can afford.
Affordability Index: Measures how affordable homes are based on income, interest rates, and home prices.
A score of 100 means the average family can comfortably afford a median-priced home.
A score above 100 means homes are more affordable than average.
A score below 100 means homes are less affordable, possibly due to higher prices, rising interest rates, or stagnant wages.
Why This Matters to You
If appreciation is strong, buying now can help you build wealth through home equity.
Understanding supply and demographics helps you know if housing demand will remain strong in the future.
Affordability tells you if now is a good time to buy based on income and market conditions.
This report gives you a data-driven approach to make smart real estate decisions!