Realtor Advice

Are You Truly The Expert In Your Local Real Estate Market?

I recently read an article from a nationally recognized real estate agent where she posed a series of questions to ask yourself to see if you are truly the “expert” in the local real estate market.

Most of the information can be found within your MLS system. She checks it daily and has even listed it as a “task” in her calendar. And while she is at it, she checks expired and withdrawn listings.

So, here are the questions. By knowing the answers, you will be able to laser-focus your marketing.

  1. How many total properties are in your market area?
  2. What’s the average price?
  3. What’s the average days on the market?
  4. What’s the median price?
  5. How many properties were sold last month? Last 6 months? Last 12 months?
  6. How many properties are currently under contract?
  7. How many of those properties were either short sales or foreclosures?
  8. What is the percentage of listed to sold price ratio?
  9. Are values increasing or declining?
  10. Is inventory increasing or declining?
  11. What agent/real estate company has the most listings?
  12. What types of mortgage programs are most prevalent (FHA, VA, USDA, Conventional, Cash)?

This one daily exercise will help keep you up to date. Spot trends. Immediately share with home buyers. And by knowing the answers to these questions, you will become the go-to expert in your corner of the real estate world.

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