The old saying that all real estate is local or that location is everything is never more true when trying to determine whether a market is "hot" or "cold."
The Chicago Tribune recently broke down a list of factors that buyers and sellers should determine to decide what kind of market they're in when they enter into the process of buying or selling.
Among the important factors are the overall amount of available inventory, the trajectory of the selling price, the amount of time it takes to sell a property, and the number of foreclosures can be of particular importance.
Check out the full break down at the Tribune here.