What are property heat maps? For those who aren’t aware of them, they are relatively new online software tools that help buyers locate properties that meet their needs. Buyers are able to view floor plans, property information, demographics and average home values. Buyers have access to these tools so they can make an informed decision regarding their real estate investment. In this article I present property heat maps and give you a quick review.
Real estate websites across the web offer property heat maps. Free email alerts from Mouseprice on your selected area, featuring homes where sellers have reduced prices and new home sales data. You can also track individual properties with your own listings. Click the ‘Track a property’ button to receive an email when it is sold, bought or the current owner cuts the price.
Like any other program, property heat maps are just another tool that buyers need to invest in their dream home. Real estate is a competitive market and it is important to understand the market before committing to buy a home. Heat maps allow you to do this in two different ways. They show you property locations and average daily temperatures. They also show you property values and historical average prices.
To use a property heat map effectively, you must be keenly watching the trends you see. They often appear on your search results within seconds. If you are viewing your home price map for the first time, you might be blown away by how much different values have changed from the last five days to the last week. This is because the recent trend is the strongest. When you are viewing your home price map for the first time, focus on the hottest areas and you should see a noticeable difference in your final purchase price.
You must be looking at your property price maps for the latest value changes or prices. If you are seeing older values, you might notice that they are nowhere near the current market. These values were determined using yesterday’s data. So you may have to wait at least 2 days to see them at the current prices.
In contrast, if you are viewing your home price heat maps for the past couple of days, you will notice that values have dropped off. When looking at your maps, look for a sharp drop in values over the past three days. This means that there has been some fluctuations in property prices over the past three days. It can be difficult to determine how much of a decrease has occurred, but it is possible to plot a trend line. When viewing your heat maps for the past few days, notice a trend line starting near your home’s downtown location.
A trendline draws a line from its lowest value to its highest value. Using a graph, you can see where property prices have been dropping. The same holds true for property heat maps. When looking at your map for the past four days, pay close attention to where the lines are intersecting. When the lines cross each other, this indicates a drop in property prices.
So if you are interested in investing in property, take a few days and look at your heat map. Pay special attention to where the lines intersect. This can tell you whether there is hope on the horizon. It is a proven fact that when property prices begin an upward trend, the real estate prices continue to rise. However, when the trend changes directions, it is best to sell your home sooner than later in order to capitalize on the trend.