Question

What does the term 'hot market' mean in the context of real estate or business?

Answer 1

A market where property is selling very fast. In a housing market, it usually means that houses are selling in 30 days or less. Sometimes in a few days, but overall, the average selling time is less than a month.

Answer 2

one that is on fire.

Answer 3

A housing market in which houses sell fast and often beyond asking price. Think 1999-2004.. . 7-11 without AC is also a valid response. ;). . Regards

Answer 4

I like other people's answers here. The hottest markets sell above list price. Those are especially tricky to buy in because sometimes deals can get very expensive when there are several bidders on a project. Sometimes people will list 10% or more below market to ensure several quick bidders within a day or two. They'll almost always go above market price when they build momentum like this.. . Pheonix has been this kind of a market. I've worked with some developers down there that would build homes as investors, and sell them after the seven-month construction process for 10-15% above market price at the time of ground breaking. . . When you're dealing with real estate markets, remember that you've generally got a 7-year cycle. Buying in hot markets can be a very costly mistake unless you have a way to change the strategic position of the property. I recommend The Real Estate Game by some Harvard professor. It's written for the common man and is the best book I've read out of over a dozen on real estate investment.. . Good luck and feel free to contact me via Yahoo! Answers with any follow questions you may have. Email tends to work better than IM.

Answer 5

7-11 with no air conditioner