By Brendon DeSimone
SEATTLE (Zillow) — Years ago, after closing on your American Dream with a 30-year fixed loan, you probably didn’t think much about the home’s value until you were ready to sell. Today, there’s so much more information available to homebuyers. Markets move quickly, and life happens a lot faster.
As a result, many people have become hyper-aware of their real estate investments, frequently watching the rise and fall of market values well after the close. Listing emails flow daily, and the Zillow app likely sits prominently on many homeowners’ smartphones and tablets. Good real estate agents compile “mini CMAs” -- comparative market analyses -- for their past clients, too, updating them yearly on the latest comps and values.
While it helps to be mindful of your home’s value, you shouldn’t obsess over it. A better strategy is to stay abreast of the local real estate market, just as you’d keep an eye on any long-term investment. Have an idea what’s selling and what’s not. Know what the trends and changes are in your neighborhood, school district or town.
One of the best ways to do this is to go to open houses. Here are some reasons why:
You can learn a lot from listing agents.
Open houses aren’t just for buyers. Often, would-be sellers and nearby homeowners represent a large portion of open house traffic. Use the open house not only to see what’s for sale and the price of comparable homes but also to learn about the market. Pick the brain of the listing agent to get his or her take on what’s happening in your area. Real estate agents tend to be aware of market changes well before the mainstream press.