Tip of the Week: Understand Your Local Housing Market

Posted on | December 31, 2018

When you work in real estate, you know that having the tools and knowledge of the market is essential for your success. Not only will your confidence rise, but your clients will see the time and care you put into your work – hopefully leading to referrals!

As you know, real estate is influenced by environmental, political, and societal economic forces that affect property value and pricing – which means these factors change and alter people’s buying and selling decisions.

On a local level, here are a few data point ideas you should be rummaging for to familiarizing yourself:

  • Listing and sales data – average volume sold, property prices, and appreciation prices
  • Features of listed and recently sold properties
  • Financing data
  • Population data
  • Real estate services that are in demand

Why do these things, you ask?

Well, arming yourself with local real estate market information gives you the upper edge in not only confidence, but in gaining a better understanding on how you are performing in the market. It’s a great way to set goals and see how much you’ve accomplished.

You’ll also understand market conditions and whether or not you’re dealing with a buyers’ or sellers’ market – another way to manage client expectations on either buying or selling property.

The more you know, the better you are able to serve your client’s needs. And hey, you’ll probably impress a couple of people (at least).

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