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Analyze Your Market! Be an Expert.

By Malika Cumbie

Real Estate Agent with Alotta Apartments

August 18, 2007 08:57 AM

For the Newbies out there.

If you call yourself a Realtor, you are calling yourself an expert in the nieghborhood you sell homes. How are you going to be an expert if you don't know your market/neighborhood.

What is the average list price of a home, single -multi fam?
What is the average Sold price of a homes, single-multi fam?
How many homes are on the market right now?
How many one, two, three, four family homes are there?
What is the average days homes stay on the market? Right now compared to last year this time?
What Broker/agent sells the most homes in your market?
What are the major developments being built in the next year in your area?
How many agents/offices are apart of your mls?
How has the interest rates affected your market?
What is going on with the bank and sub-prime lenders?
ECT ...

Compare everything to last year.

Do anything and everything to research the answers to these questions ASAP.

Be an EXPERT! Know your stuff.

Share your answers. Share your resources in your comments.

Comments(9)

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Drew & Christine Morgan

RE/MAX Star Properties - Belmont, CA

Belmont California Real Estate

I'm very excited. I think I qualify!

http://activerain.com/blogs/belmontrealestate/tags/belmont

I do take my profession very seriously and analyzing my market is where we add value.

Good post!

Aug 18, 2007 09:17 AM

Armando Rodriguez

QUEST REALTY SERVICES - Orlando, FL

Orlando Homes 4 Sale, Real Estate Broker-GRI

Whether we know everything or nothing we are still considered EXPERT PROFESSIONALS!

Scary isn't it?

Aug 18, 2007 09:20 AM

Richard Dolbeare

Inactive - Wailuku, HI

Living the Hawaii Lifestyle

I couldn't function without data which is probably a function of my former engineering profession. It's great to see others that concur it's important to possess more than the gift of gab.

Aug 18, 2007 09:25 AM

Hugh Krone

Weichert Referral Associates - Hamburg, NJ

Realtor, Sussex County NJ

Very good post. I hope you get about 1000 views.

Aug 18, 2007 09:32 AM

Michael Eisenberg

eXp Realty - Bellingham, WA

Bellingham Real Estate Guy

Great post, I am doing more of this all the time, thanks for the reminder.

Aug 18, 2007 09:34 AM

Nicole Kraus

Signature Realty Associates - Dover, FL

Great list, even for us who have been doing real estate for some time, a great little refresher. Thanks for sharing, great blog!!

Aug 18, 2007 09:48 AM

Esko Kiuru

Bethesda, MD

Malika,

These are great goals for anyone. With the current turbulence in the mortgage market, consumers probably would like to know the latest on that. It would be good to read up on some of the basics of what is going on. There is still plenty of money available for purchasing a home at very low rates. It's true that some loan programs have been scaled back or eliminated.

Aug 18, 2007 10:10 AM

Katy Crofts

Keller Williams Realty - Olympia - Olympia, WA

Realtor - Olympia, WA

Excellent post! Being a newbie, I feel that is one are that I can become an expert in: my own backyard. I live in more of an "area" rather than a neighborhood, but I'm getting more familiar with it all the time: previewing houses, getting an idea of statistics, etc.

Aug 18, 2007 12:32 PM

Analyze Your Market! Be an Expert.

Comments(9)

Malika Cumbie

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