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The U.S. housing market, like many of the other housing markets around the world, is experiencing a downturn. Houses aren’t selling as quickly as they once were, and in some areas, prices have exceeded what is affordable for the average household.

In other areas, prices are falling. If you are thinking of investing in the U.S. housing market right now, it is more important than ever to carefully research the market you will be buying into. The last thing you want to do is buy a house you can’t sell, a house that is depreciating in value, or a house that you can’t afford to keep.

Here are a few tips on following the U.S. housing market to help get you started:

Learn the Lingo

If you want to learn as much as you can about the market, the first thing you will want to do is learn the lingo that goes hand in hand with U.S. housing market news reports. Some terms to look up include: median home price, average price per square foot, Housing Affordability Index, single-family homes, and housing bubble, mortgage etc.

Find a Regular News Source

There are many newspapers and online publications that provide daily news on the U.S. housing market. These resources will prove invaluable for anyone who is interested in following national and local markets. You should find at least one news source that reports regularly on the U.S. housing market, and if possible, several news sources that cover your local housing market.

Track the Local Housing Market

Tracking the U.S. housing market as a whole is a great idea, but as they say, ‘all real estate is local’. If you are looking into buying in one particular neighborhood, you should carefully watch which houses are selling in that neighborhood and for how much. You can get this information by tracking transactions yourself, by talking to local real estate agents, or by visiting the local county recorders office.

Be Thorough

When tracking the U.S. housing market prior to investing, the most important thing you can do is be thorough. By the time you buy, you should be confident in your decision. If you are worried that the investment won’t pan out, you may be better off sitting on the sidelines and waiting until you are more comfortable.

After You Buy

After you buy, you should continue to follow the news. You never know when the market might soar to unknown heights or take a turn for the worse. Staying updated on U.S. housing market news will ensure that you don’t miss your chance to cash in or get out while there is still time.