Homebuyers wondering what the future holds for their investment can turn to Cyberhomes for a market report. The service, which costs $9.95, provides projections for specific neighborhoods and includes 12- and 24-month price-change forecasts. It also reports the number of distressed, foreclosure and REO properties within a ZIP code and then compares that to the rest of the metro area and the state.
The report also estimates the strength of the local market and how the volume of sales will change over the next 12 months.
The site introduces an element of logic to a transaction that's often fraught with emotion. Homebuyers often act too quickly when they find houses they like, leading them to overpay.
So if the market report tells them that prices may be in for a sharp fall and more homes are coming onto the market, they may slow down and make a more informed offer. If, on the other hand, the report shows the market heating up, they may conclude that a quick offer can save them some money.
"In today's market, an understanding of the future direction of property values and inventory levels are key factors," said Jay Gaskill, president of Cyberhomes.