REAL ESTATE MARKET: Data is Key
As a trusted advisor, agents need to stay current on a lot of information. Besides the listings, purchase contracts, associated paperwork and seller disclosures, we need to be on top of every aspect of every transaction.
There are six critical data points that agents should be aware of, whether representing a buyer or a seller:
The absorption rate (based on pending and closed sales)
Months of available inventory
The average days on market
The list:sell price ratio
The average cost per square foot
Interest Rate Trends
We strive to be on top of trends from many angles taking into consideration—marketing, demographics, interest rates, economic disruptors—and how those interplay with each other and affect our local real estate market.
Demographics: how are the age and income levels of my audience shifting and how will it impact my market?
Movement: who is moving into or out of our area, where are they moving from and to?
Employment data: how many new jobs are being created relative to new housing starts? How might that impact supply and demand?
Buyer trends: what are buyers looking for in a home, and how has this been shifting?
We stay abreast of the data via a number of reliable resources including Trendgraphix, the Case-Shiller indices, and other demographic tools. California Association of Realtors and the MLS are other key sources.