February 10, 2013 posted by Bruce Gardner

Local Expertise Builds Confidence With Prospects and Clients

Local Expertise Builds Confidence With Prospects and Clients

Knowing the actual market stats for your local area is critical to building confidence with your Prospects and Clients!

If you work within a handful of neighborhoods on a regular basis, then being familiar with the stats and/or trends for those neighborhoods is essential.

Here are some market stats to track on a monthly and quarterly basis:

  • Average sales prices
  • Average sold price per square foot
  • Average days on market
  • Total number of available homes
  • The “Turnover” rate
  • The “Absorption” rate

Tracking these stats regularly will also reveal “trends”, or changes in the stats over time. Comparing the market performance in a specific month and also the market performance from the previous year will establish how the market is moving and may reveal opportunities. For example, if sales prices in a neighborhood are up year over year, and the days on market is down, then it might be an excellent time for a Seller to list their home. Might be a great time send out a marketing message soliciting new listings due to improved market conditions.

Tracking your market stats will also prepare you to have a powerful and effective answer to the question, “How’s the market?”. The answer to that question is certainly not “Unbelievable!” , but rather a short but detailed review of a couple of key stats that will impress a Consumer with your knowledge and competency, and will be memorable because you are a real resource and a professional in our industry.

Gain an unfair advantage over your competition! Build the habit of knowing your local market information!

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