The market has evolved over the last decade. Many homeowners watched the value of their homes skyrocket during the early stages of the boom, only to see it plummet back down once again.

Other buyers, many new to the market, were lured in by questionable lending practices and sub-prime mortgages, offering zero-down and interest only payments. The pains the market is feeling now are thanks to this wild ride.

Investors and all-cash purchases now make up more than one-third of the market. Hundreds of thousands of homeowners have lost their homes to foreclosure. And credit has tightened, making it increasingly difficult for builders and buyers alike to finance their next move.

And unfortunately for many buyers and sellers, this wild ride means understanding what the market conditions in their market area are really like can be confusing.

How do you educate yourself on your own local market conditions?

First, log on to Realty Times and visit their list of local market conditions. Realty Times has been offering these local updates for over a decade. Not every area has a Realtor or agent who takes the time to share local conditions, but many areas do post the latest news. This can be a great starting point. Reports can start you out with an overview of the market, from inventory levels to pricing.

You may also consider visiting Zillow.com. Zillow is the "leading online real estate marketplace dedicated to helping homeowners, buyers, sellers, renters, real estate agents, mortgage professionals, landlords, and property managers find and share vital information about homes, real estate, and mortgages." How it works is simple. Type in the address of your current home, or perhaps an address in a neighborhood about which you're curious. You'll then have access to the latest appraisal amounts and sale prices. Zillow.com will also show you homes that are for sale (and those recently sold) and give pricing trends over the last year. You can even see if a home listed for sale has had a price reduction.

The third step in getting familiar with your area market is to get a market analysis. Most agents offer a free comprehensive market analysis on your home. This means they can tell you what your home could sell for, and show you what comparables homes look like. This will give you a better idea if now would be a good time to make a move.

Your friends and family may have had recent experiences in your market. Be sure to ask around and see what troubles, or silver linings, that they've encountered.

And lastly, you should enlist the help of a local real estate agent. They can tell you everything from the average time a home sits on the market based on what price bracket, the average and median sale prices for neighborhoods, to whether or not that FSBO down the street is a good deal.

The key to making wise moves in this ever-changing market is to be informed. It can be a tough market out there, but you'll find your way.

Published: April 12, 2011

Use of this article without permission is a violation of federal copyright laws.

Carla Hill, M.A., works on the Realty Times staff as Managing Editor for our online publication. She also is Producer for the real estate news channel, seen daily on RealtyTimes.com and on video newsletters nationwide.