Study the Real Estate Market Trends and You'll Know Your Market!

By
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

Study the Real Estate Market Trends and You'll Know Your Market!

 

How many times have you engaged in a conversation with a friend, relative or acquaintance and gotten this question:

"How's the real estate market these days?"

 

If you follow your real estate market closely and active agents should, you'll know the TRENDS.

Sure, a home may have sold for a good price.  Or, one may have sold for a depressed price.  That will always occur on an individual bases.  However, that doesn't indicate a MARKET TREND. 

 

What I find interesting in the SOLD stats below is that the Days On The Market for Properties, DOMP, increased significantly in 2015.

 

There's a wealth of information in our MLS and statistics are easy to compile.

Lenn 
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Status: SOLD (662)  May 2013
    List Price Bedrooms Baths FB HB DOMM DOMP Acres Lot Sqft Yr Built
Min $78,000 1 1 1 0 0 0 0 0 1750
Max $3,750,000 6 8 6 3 1,264 1,264 128.56 5,600,074 2013
Avg $482,693 4 4 3 1 29 38 0.91 39,634 1996

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Status: SOLD (587)  May 2014
    List Price Bedrooms Baths FB HB DOMM DOMP Acres Lot Sqft Yr Built
Min $120,000 1 0 0 0 0 0 0 0 1837
Max $2,158,200 7 7 6 3 1,289 2,017 130.82 5,698,519 2014
Avg $483,243 4 4 3 1 26 31 1.04 45,514 1997

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Status: SOLD (630) May 2015
    List Price Bedrooms Baths FB HB DOMM DOMP Acres Lot Sqft Yr Built
Min $137,500 1 1 1 0 0 0 0 0 1788
Max $3,590,000 7 10 7 3 991 991 180.71 7,871,728 2015
Avg $500,858 4 4 3 1 40 49 1.2 52,098 1997

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WHEN EXPERIENCE COUNTS, home buyers will enjoy our many years of serving home buyers in Northern Virginia. 

Contact Homefinders.com at 800-711-7988 or E-mail.

For over 30 years, we've provided home buyers in Loudoun County with . . .

* Comprehensive home searches,
* Personal tours of homes for sale,  
* Competitive Market Analysis (CMA) for homes under consideration,
* Experienced financial analysis to help you understand different home loan opportunities,
* Personally manage home inspections, termite inspections, settlement meetings,

     Loudoun County Map   Lenn

HOMEFINDERS.COM HELPS HOME BUYERS.

For a tour of homes in your location of choice in Loudoun County, contact Homefinders.com.  We'll arrange a wonderful tour and you can get to know the county, shopping, recreation, the real estate market and the hardest working Buyer's Agents in the area.  

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Comments (25)

Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Lenn, A good poke at us that fail to use what we have available.

Bill Roberts

Jun 10, 2015 11:32 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Ginny.  A good formula for a direct mailing list with information from the MLS is money in the bank.

Bill.  Poke!  Poke!

Jun 10, 2015 11:44 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

I get asked that question fairly often too .. even as a Lender, Lenn Harley.  My answer must still be based upon facts.  We must all be willing to learn those facts and educate ourselves ...

Gene

 

Jun 11, 2015 02:16 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Lenn - One of the benefits of doing 45 or so market reports every quarter is having a considerable amount of market data readily at hand for those frequent questions.

Jun 11, 2015 02:18 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lenn it is always good to look at the figures, because we may be busy but it does not mean others are experiencing the same thing.  The answer to the question requires looking at the figures, but also tempering them with we are personally experiencing.

Jun 11, 2015 05:33 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Lenn it is our market trends that is our market...if we are paying attention.

Jun 11, 2015 08:40 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Lenn,

Isn't it amazing how often you get asked questions on the real estate market? Everyone is interested because they hear the National news but real estate is local and every area is different. The local MLS offers so much information to formulate what is going on..it's up to us to spend the time researching so we know the right answers to the questions from the consumer.

Jun 11, 2015 10:16 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Gene.  Indeed.  Best we give consumers facts rather than guessing.  They can guess without us.

Dick.  And market knowledge.

George.  Absolutely.  Research from a knowledge base and you have good information.

William.  Good explanation.

Dorie.  My point exactly.  National stats are worthless when consumers need information to help them buy or sell.  We are the best source for them.

Jun 11, 2015 11:18 PM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Lenn- I agree, and I find myself reading market reports from other areas.  Why do you think that the DOM has increased???

Jun 12, 2015 05:25 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Kathy.  One thing that distorts real estate stats is including new home listings in the MLS information.

So, minor differences may not mean much.

Agents should know these stats and what's involved.

Jun 12, 2015 09:06 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Home buyers and home sellers need to understand the current market conditions in order to make the best decisions.

Jun 13, 2015 01:13 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Lenn - agents are so different. I met an agent I know and she immediately asked me what I thought of the condo market. I started answering, and she said that this is how she felt about it.

She wanted to see if others see the same trend. But some agents are simply clueless. They are not living in the concept of time, but more the opportunity. Grabbed something here, closed something there... and no clue what future might have in store for us.

Surprises me a lot.

Jun 14, 2015 02:49 PM
Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Lenn, It certainly pays to know our market, and with our MLS stats available, it clearly makes things a lot easier. Becoming familiar with all our neighborhoods is like gold, since I would want to be prepared whenever I hear those questions about, "How's the Market"?

Jun 15, 2015 08:12 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Roy.  It helps.

Jon.  I defy anyone to be able to predict the future.  Speculation is about all we can do, even when informed.

Jerry.  It's a tough question to answer but if we know our market, we can do better.

Jun 16, 2015 01:02 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I may have missed your comments about your moving plans. I am interested in seeing where you will live. Dolores and I also need to get out of our oversize home.

Jun 18, 2015 05:14 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Roy.  I'm out officially next Friday.  I'm seeking a simple life.

I'm starting in a motel and will make a decision then.

Jun 19, 2015 03:33 AM
Robert Vegas Bob Swetz
Las Vegas, NV

Hello Lenn ... so true and the more brokers and agents know about their cities and communities the better this looks to clients 

Jun 20, 2015 05:04 AM
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

Market Trends aren't defined by the outlier sale, but that's often the one the prospect wants to know about.  The ability to speak to that speaks volumes about the professionalism and credibility of the agent.

Jun 20, 2015 11:23 AM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Lenn.  Market trends vary from neighborhood to neighborhood within towns and cities.

Jun 26, 2015 07:27 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Bob.  Especially relocating buyers.  I've had them express gratitide that I can discuss

so many areas with them.

Claude.  I can't imagine spending the time I do studying and following listings and sales without having a good grasp on the trends that are clearly there.

Conrad.  HA!  I can walk and window shop at the same time.

Jun 27, 2015 01:40 AM