Trends are an area of real estate that are usually not discussed enough in listing presentations by most REALTORS. Perhaps discussed instead is where we are in this neighborhood whether it be a buyers or sellers market as stated as one snapshot in time.
But in discussions, especially with sellers, if a REALTOR is armed with trends, especially if it is becoming a stronger buyers market, with those facts in mind the pricing of the house should be set realistically so you don't follow the market down. The so called trying to catch a falling knife idea. You want to price your home attractively to get a sale in the minimal amount of time.
Too often ignoring trend charts leads to overpricing homes, too long days on markets, and frustrated sellers and REALTORS alike. In terms of REALTOR education of statistical tools, knowing the trends makes you better than the average agent and of high value to your client.
knowing the trends makes you better than the average agent and of high value to your client.
amen!
you may not get the listings when up against agents who DONT KNOW the trends. but better no listings than over-priced listings.
Hi Gary,
You make some excellent points, for me knowing my numbers is essential. As for trends it's crucial, I'm a big believer if "positioning vs. pricing" depending on the market trend.
Lazarus: Over priced listings are "priced to sit." Nobody wins then.
Lynda: Positioning is a great term to describe where to place the owner's house in the spectrum of prices to price it effectively.
Martin: Pricing historically (say two years ago), is not reality. Armed with the current market data it should be obvious to the seller where to price it. But it's never that easy unfortunately.