As you may or may not know, buying land in Durant, OK (or anywhere) is different than pur-chasing a home, however, one thing remains the same for both — the importance of mar-ket timing and working with real estate professionals that understand how to evaluate, de-liver and implement strategies that are aligned with market conditions.
Real estate works directly alongside the economy and how the flow of cash is moving through the economy will determine whether or not it is a good time to purchase or sell. So the key is to make sure that you have the right team on your side when you are getting ready to buy.
Is it a Buyer’s Market or Seller’s Market?
The first things that you will want to consider when evaluating the market are the current trends and emerging trends percolating just beneath the surface. There are typically two principal markets that you will have to look at, both of them will be dependent on the cur-rent economy and linked to the different demographics of real estate whether you’re look-ing in Durant, OK or elsewhere.
- The first market is the buyer’s market. This is where the prices of real estate are low, resulting from an excess of supply over demand. Ideally, this is the market that you will want to be in when you are buying a property.
- The second market is the seller’s market. This is where there are more buyers than properties for sale. Since supply is less than demand, most properties (va-cant land, commercial buildings, residential housing, etc.) will be priced higher.
Key factor to consider is area demographics.
Another sign that you can look at besides the market is the environment that you will be purchasing into. Most communities have specific types of people and demographics. If your locally-based real estate agent knows the demographics of an area well, they will be able to make observations about the current rates and guide you as to when it is the best time to make a purchase.
It’s important to have the right real estate agent on your team (If you need more tips on finding the right agent, read my blog post about it here) who is consistently observing and doing research about the different markets, demographics, and trends in your real estate area.
Know what you want to invest in…personal home, land, or business?
When most people think of real estate, they seem only to think of private homes or single family residences, but real estate is much larger than that. There are two major types of real estate investments that are available today; commercial and residential.
However, it does not matter whether you are looking for a personal home or for a property that you can profit from, if you are going to make an investment then you should know about the different types of real estate investments that are available to you.
- If you are looking at residential real estate, then the properties that are available will be divided up by the size of the home. These types of homes will be classified into two categories; single family or multi-family homes (condo, townhouse, etc.)
- Commercial real estate, much like residential real estate, is also divided into smaller categories. These will often be referred to as commercial properties and can range from office buildings to agricultural land to industrial warehouses.
The main difference between a business building and a residential building is that there will be a different approach towards the regulations. There will be different zoning rules that dictate usage and purpose, as well as differences in how taxes and insurance will be as-sessed.
Of course, those are just a few items to consider when you’re ready to buy a property for sale in Durant, OK or anywhere else, but finding a real estate agent that can work with you step-by-step and help you understand the buying process is the most important thing to con-sider.
Let’s set up a call to see if I would be the right person to help you buy a property for sale in Durant, OK.