The status of the housing market will affect every aspect of your home purchase. The following are just a few things you should know.
• number of homes that are put on the market for sale
• appraised and market value of the homes for sale
• money available for mortgages
• qualifications required to obtain a mortgage
• amount of a downpayment required
• average time from offer to move in
• resale value of your home
Besides the above, knowledge of the housing market will help you when dealing with real estate professionals and reading articles about the housing market. If you can become comfortable with the terms and the cyclical nature of the housing market, you will save both time and money in your purchase.