This is how we get the most accurate data for each situation we encounter.
Everybody in real estate knows that it’s very important to know your statistics. This means knowing what’s happening in the neighborhoods you work and live in, as well as what’s happening for your clients. However, I feel like there are certain times when we look at overall stats and miss details of the communities we’re working in.
We’ve had the hottest market we’ve ever seen for the last six months, and now we’re starting to see people who believe we’re headed for a slowdown. The reason is that on the news, there was a report that the Denver market might be cooling off. I like to think of it as a gas stove on high. If you turn it down a little bit, it’s still really hot.
I had a conversation today with an agent who said, “We saw two homes in the market that didn’t go under contract last week so we know the market’s slowing down.” They needed to take a look at more data, because there were 35 others in that area that did go under contract.
We use a system called Altos Real Estate Research. It’ll get data on a Zip code basis, and it has this little needle that says if it’s a buyer’s market, balanced market, or seller’s market. The next time an agent, buyer, or seller doesn’t know the area’s stats, you can educate them so they can make an intelligent decision. If you’re a member of DMAR, look at those stats on a weekly basis, especially the monthly stats for the areas where you work most. Be your local expert.
If you ever want to talk about real estate or get advice on what you can do to grow your business, or if you’re considering joining a team, please reach out to me.
