Why You Need to Know Your Local Market Information

Knowing your local market will help you better serve your clients and help them navigate through a real estate transaction.

 

Every day we’re bombarded with news about the state of the national real estate market. One day the market is recovering, the next day we’re headed toward another meltdown. It can be difficult to keep track of all of the conflicting reports!

While it’s important to know what’s going on in the national market, the most important numbers concern your local market. After all, the overall view of your local market can look dramatically different from the national scene. As your clients’ trusted real estate professional they rely on you to explain the difference between the markets and focus their attention on the market that impacts them directly—their own.

What’s the Difference?
While the forecast for the national market seems to change with the weather, the area you serve could be enjoying rising home values and record sales. When the real estate market experienced a dip a few years ago, most areas of the country began to suffer the consequences, including sluggish home sales and foreclosures. Over time, some areas have recovered faster than others; typically, the areas that are considered “desirable”—that is they’re located near transportation corridors, have low crime rates and are accessible to jobs and good schools—are finding that demand is high and home values are rising. Even if your area isn’t recovering as quickly as another region, there may be neighborhoods that are seeing an increase in home appreciation and strong home sales due to good prices.

It’s essential to create perspective for your clients. It may be unnerving to watch the news every evening and hear about the next housing or mortgage crisis. However, if you give your clients a good overview of the local market, it can help allay their fears about buying or selling while proving your expertise as a real estate professional.

The Numbers You Need to Know
The following numbers give your clients a better perspective of the local market:

• Number of homes sold
• Average price
• Days on the market/inventory
• Number of foreclosures/short sales

Add perspective by having the numbers for the previous five years as well. This way, your clients can get a more accurate picture of the housing trends for your area. Also, break the information down by neighborhood to show how your client’s neighborhood compares to others in the area.

Referral Maker CRM real estate software is designed to help real estate professionals track statistics related to their local markets as well as their individual statistics, client information, appointments and much more. Visit the Referral Maker website for more information or to start your free 30-day trial today.

 

One thought on “Why You Need to Know Your Local Market Information

  1. Pingback: 3 Benefits of Excellent Client Service | Real Estate CRM Tips, Work by Referral, Build Deep Relationships

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