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very first Activerain post was a market study based on statistics published by MRIS, our regional mls. Within a week, I listed a Crofton home for sale as a direct result of this first post, and a second listing followed a few weeks later. Needless to say, I've been a believer in market studies ever since.
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40 Comments on Statistics Don't Have Room for Nuances - True or False?
Great post Margaret. Just today I went to The L&F Silver Team Conference and the speaker was Steve Harney who is 'big' on statistics and the importance of using them. They help to clear away the mud and help Sellers and Buyers alike understand what is. Spinning the facts helps no one, showing the facts and allowing the consumer to make their own decision is where lies their importance.
Great post Margaret!
"Lies, Damn lies, and Statistics", pretty much sums it up. We have so many metrics that we can pick and choose from to build the story the way we want to tell it. Using the numbers not to build a story, but to actually sell a property is where our value lies is.
Margaret I just love this post. First and foremost, the information that we compile from our MLS's in nothing more than statistics. Yet we have agents who ignore the available data just as many of our buyers and sellers do.
Secondly, one has to understand the numbers themselves before they can explain it to others. I'm not big on "winging it" whether it be real estate or otherwise. I operate on data and rely on it to prove my case. When you think about it, how can we ever prove our case if we don't back it up with data and data essentially is statistical information.
Margaret... excellent post... I love stats and I so agree with Matt... people can twist stats or lie about them... or just give their opinion within such stats... but overall, yes, you need good agents to explain such stats and to accurately give the correct info such as in the correct values.
Numbers are a single frame form a movie. You can't see what is really happening... just take a guess. Getting a better picture involves watching the numbers (frames) over time as they change and the story unfolds.
Statistics don't lie - but they have to be complete. Nuance is part of the art of valuing a property and it comes within the broader context of the statistics that are there. One of the problems we have here is that in some areas there are very few sales. Statistical gyrations result. Cutting through that and coming up with value requries nuance. Half art-half science.
Sorry, I had a busy day and didn't realize this was featured. Not sure when I can catch up with the comments, but I'll give it a try. For now, let me say that it's always reassuring when a bunch of people agree with you. LOL.
David disagrees, however, so I want to acknowledge that you're right about the bottom line... Get the property sold!
Along the way, however, most people in my market are looking for information - maybe that's because I'm in a DC suburb, where very little is ever done without a study taking place first. In other parts of the country, I suspect people may be more direct.
Lane, I agree. My market studies usually show a five year trend Year on Year, or a 12 month trend Month on Month... or both. One isolated month or week doesn't tell us a lot.
Again... bottom line: consumers apparently want this info because market studies have been the single greatest trigger for client contacts on both my blogs. Just sayin'...
Hi Margaret! How true it is! You have to do alot more research these days too, in order to obtain those statistics! Now, it means going deep into the archives of two to three listing agents to get the REAL original list price, the real number of DOM, etc. If you don't provide this information, how are you giving the sellers what they need to make an informed decision? GREAT post, as always!
With an accounting background I am partial to number...in reality it is what makes me tick. I love MLS driven statistics as they are so easily molded into what I want to convey. It doesn't matter what the numbers say as with a little insight you can interpret them to your benefit in every occurrence.
Hi Margaret, I think you misunderstood the tone of my comment. The quote is Mark Twain attributed to Benjamin Disraeli. I was actually agreeing with you, but I guess that wasn't clear. Of course market studies, reports, cma's etc etc are important. But it's how we interpret them for a specific reaon, person or property that brings both their and and our own value to the fore.
Raw Statistics=Vital.
Intelligent Interpretation=Priceless.
Nice post Margaret. Really think the details are what is important -- have to pull the numbers, take a look at them, think about a year ago's numbers as well as what the trends seem to be, take into account our experience with the neighborhood, etc. etc, etc., and then have a thorough discussion with the clients - buyers as well as sellers.
I love statistics and keep basic ones on the tip of my tongue at all times. I always know how many homes sold the previous month, the median price and the average DOM. I know these facts because I write a monthly real estate report which my readers have come to know, love and count on. It keeps me in the know and has established me as a local expert.
Our analysis of the facts is a large part of what sets us apart. For those who value statistics/facts, as you said, can result in listings or buyers who also find that information to be their priority. I for one don't know how we can best serve our clients without providing meaningful data.
David - I'm really okay with people who don't believe in statistics because that makes me look good. LOL. But nice to know you're really in our corner with this.
I'm with you Margaret and today those statistics are getting harder to comprehend it seems. Current market statistics aren't static by any means. What we see today is likely not what we will see tomorrow. It takes a professional, one who is in the trenches every day, to sort it all out.
Market studies are very helpful. As a listing agent we must or should know the numbers surrounding our listings. I have worked with sellers who did not care as long as that got what they needed, other sellers are very particular about knowing everything going on in their market.
Margaret, you speak the truth. That one of the major reasonswhy post market reports. People want the statistics and the interpretation of those statistics., Now I'm off to review that first post of yours to see if I'm doing it right... ;-)
I can't believe you found that first market report. I've come a long way since then... much more comprehensive market reports, but no better results than that first one.