How's The Market? Why Da Ya Wanna Know?

"How's the Market?" must be the most loaded question in real estate. Alternatively I hear it as (1) a taunt from those who think Realtors are narcissistic and overpaid leeches on society or (2) an invitation to spontaneously deliver a PhD level discourse on the interaction of monetary policy with the cost of mulch. After reading a rational, well-written and helpful post by Jeff Dowler, I realize I need to better understand the motivations of the questioner. Only then I can decide whether the answer requires 15 hours on the computer.

CLIENTS who ask "How's the Market?" want to hear how the Realtor will simultaneously sell their home for more than market value and get them a steal they will brag about for years to come; a "Somewhere in Time" sort of world.

Sellers if told the truth also want to hear "but all real estate is local and we're just fine here". No statistical proof wanted or needed.

Buyers want to hear that the sellers are goin' down, roller derby style. No elaboration necessary.

EVERYONE ELSE who asks "How's the Market?" needs a short answer, so I must learn to restrain my personal enthusiasm for data. Three hour presentations are probably inappropriate for the grocery checkout line. What I find fascinating might sound pedantic or even annoying to my kid's teacher on back to school night. Casual social interactions are not an opening for a session with the Big Blue of housing statistics.

Lady at the Dry Cleaner just wants to know if I'll ever get back to the $75/week dry cleaning that lots of client meetings generated.

Yard Guy  just wants to know if he'll ever get paid for the work he does for "when the listing sells" but he didn't plan on 512 days of market time per house.

Psychiatrist just wants to know so he can appropriately adjust my medication levels (also those of his many clients who's homes we can't sell).

Lead Cashier at Target just wants to know because her mother-in-law is a Realtor and gave the kids crummy presents for Christmas last year.

Best Friend just wants to know in the hope that someday I'll be fun again and not twitch with anxiety when the phone rings...or when it doesn't ring. Neither produces a good outcome anymore.

Marketing Manager just wants to know if she will ever again hear me say anything but "based on the data, our analysis shows that at the current rate of sales, your house will never sell". She says she can't come up with a snappy press release on this proclamation.

My Kids just want to know when they can have a Mom who doesn't sleep with stacks of computer print-outs in the hope that she will come up with the magic, short, evocative and relevant answer to "How's The Market?".

So what do buyers, sellers, constituents, family members, co-workers, and those poor grocery clerks really want to hear? What do you think?

And if you made it this far, please indulge me. I truly love this chart. It's from Altos Research and it has a really cool sliding bar at the bottom that shows data over time. If you're thinking of buying or selling a home in St. Charles, give me a call and I can send you one of these of your very own.

St. Charles, IL Single Family Home Sales

 

 

 

 

 

 

This post was written by Leslie Ebersole of Baird & Warner Real Estate.

If you would like more information about the Chicago Western Suburbs and the Fox River Valley
St. Charles, Geneva, Batavia, Wayne, Elburn, and South Elgin

Please call (630)945-7935
My website www.leslieebersole.com
Email me at leslie.ebersole@bairdwarner.com