Real estate markets are local and millions of dollars are invested daily to drive that message home to consumers. I'm a big fan of building on Other People's Money (OPM). Maybe more than an opportunity, I think it might be the responsibility of Realtors to deliver Hyper-Local Market information in an easy to read, consistent format. The question we are asked in public is "How's the real estate market?" and I think the questioner really wants to know "What's happening in my neighborhood?"
Searching the internet for information on Dane County, Wisconsin I'm able to see data exists to show "Hot-Spots" of foreclosures. If I have a home in a foreclosure hot spot it's important that I know it so I can position my property in the marketing. From the MLS I can see how long homes are on the market before an offer is accepted; not just from the last listing, but cumulative days on the market AND how long they are for sale from the LAST price change. That's relevant information because it tells me something about the sentiment of owners and buyers in that hyper market. For example, if 90% of the sellers adjusted their price before getting an offer and they got offers in short order after the last adjustment, it tells me buyers are there and sellers who get it will price to attract the buyer. My job will be the help the owner understand reality.
Over the course of this year, this blog will monitor and report on multiple Madison, Middleton, and other Dane County Hyper Local Markets. While the information may not tell you where we are going, I hope the work will tell us where we are and what makes a difference. Stay tuned.