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Five Things You Should be Tracking

Five Things You Should be Tracking
It doesn't matter what market I'm in, there are 5 things that are critical to track, and they have to do with things like the pace of the market, what the market is willing to pay, how the market has changed year-over-year, and most importantly what the relationship is between the buyers and sellers in that market.
New Listings
The first thing that I always track is inventory. When I want to track listings, I look at the pace that new listings come on the market each week. I will look at week-over-week, month-over-month, and year-over-year. The reason I do all that is because it will reveal trends in the area.
For example, if I go back three years and look at new listings week-over-week, it's easy to see that inventory has been on a steady decline. Then you have to ask the question, “Why?” In many areas, it's because of a lack of new construction. But what happens when you have something like Covid-19?
The reason it's more important than ever to track new listings is because you get to see what is going on with the mindset of sellers. Right now, ... more

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