Ask An Ambassador: Can You Answer The Question?

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747
https://activerain.com/droplet/5gPq

Cincinnati patio homeHome buyers and sellers have questions.

"How's the market?" being one of the most often asked.

And if you've got the answers to that question, you've got a chance to be their go to agent.

And I'm not kidding when I say answers!  Sure you could say "Great!" or "@#$@!!".  But neither of those answers is really telling them what they want to know.

A buyer wants to know if they'll be scurrying through multiple offer after multiple offer?  Or is the pendulum in their favor and can they get a great deal?

Sellers want to know if they can turn a profit?  Sell quickly? 

And the answer may vary significantly according to the buyer's or seller's needs.

For instance, if you're a Mason condo buyer, December was a "meh" month.  Only 9 completed condo sales, only 15 not under contract.  That translates to little to no choice and better act quickly when a good match comes along.

On the other hand, for Mason single family home sellers, the answer depends on your price point.  The lower prices don't compete with new construction and there's a shortage of them.  Quick and easy sales if the home's condition is good.  Climb up the price point and you're going head to head with LOTS of new construction.  Much tougher to sell and if you don't price right from the start, it's going to be price reduction after reduction.

So all in the same school district, and distinctly different markets.

So the moral of the story?  It's why as a blogger it pays to study your market and write market reports.  They're "boring" and tedious and you hate crunching numbers, but when the question is asked "How's the market?", you're not going off of your personal perceptions, but the actual facts of the market.  You'd better know more about the market than the person asking.

 

Until next Tuesday, just Ask An Ambassador if you need help!

Bill of Liz and Bill aka BLiz 

 

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Serving Warren County Ohio & Adjacent Areas


The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Http://WarrenCountyOhioRealEstate.com

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Ambassador
3,813,159
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Bliz

I love the questions about the market, and the variations (is this a good time to buy? To Sell?), and being able to provide some answers, PLUS offer opportunities to provide more comprehensive information that they need based on discussion.

Jeff

Jan 08, 2019 05:54 PM #8
Rainmaker
388,796
Graziella Bruner
NCS Premier Real Estate - Detroit, MI
Associate Broker - Serving Wayne & Oakland County

With all this new technology out here’ we should be on our up game. Know your market and then some,

Jan 08, 2019 07:20 PM #9
Rainmaker
584,799
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

Very Good Advice! I need to do more market reports! Thank you!!

Jan 09, 2019 12:30 AM #10
Rainmaker
3,673,659
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Bill,

Excellent post and glad to see it featured. You need to know your market inside and out if you expect buyers and sellers to respect your knowledge and advice.

Jan 09, 2019 04:07 AM #11
Rainmaker
2,850,404
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I am asked that many times a day most days and I LOVE IT. It goves me an opportunity to add what i am seeing and what makes me a great choice to assist them now or later

Jan 09, 2019 05:20 AM #12
Rainmaker
177,806
Ben DeHaven
Haven Realty & Investments - Winter Haven, FL
Proudly serving Winter Haven & Lakeland, Florida

Excellent post- I sometimes catch myself saying great, but generally say it depends. I've been coaching agents on this as well, as a great doesnt do anything for anyone.

Jan 09, 2019 06:27 AM #13
Rainmaker
2,369,106
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Can you imagine an agent speaking with someone that cannot answer the question put to them? 

Jan 09, 2019 07:18 AM #14
Ambassador
2,762,911
Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Very good point Bliz. Knowing and understanding the intricacies of every sub market is a very wide idea - very wise.

Jan 09, 2019 08:40 AM #15
Rainmaker
3,014,881
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce


"THE" market...hmmm"the neighborhood" may have a different answer 

Jan 09, 2019 12:10 PM #16
Rainmaker
19,690
Cynthia "Cyndi" Cook
Keller Williams Realty Alabama Gulf Coast - Orange Beach, AL
Residential Real Estate Sales and Vacation Rentals

Very true! It's easy to say oh it's great but better to give them some examples and more details about the area/market. Great Post! 

Jan 09, 2019 09:22 PM #17
Rainmaker
2,682,486
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I don’t even disagree with any of it that you’re saying from your perspective. You’re right on the money. :)

Jan 09, 2019 11:57 PM #18
Rainmaker
1,315,473
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Yes, it's really important to have a great handle on what is/isn't selling, what type of market it is, how the different neighborhoods are doing. And yes, we need to know more than the person who is asking, otherwise, what value are we providing?

Jan 10, 2019 02:44 AM #19
Rainmaker
854,258
Elyse Berman
Best Connections Realty, Inc. - Boca Raton, FL
PA, Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Good morning, I have done them in the past and it's next on my to-do list to pick up again.  

Jan 10, 2019 04:10 AM #20
Rainmaker
947,752
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

So true.  Time for another market report!

Jan 10, 2019 11:24 AM #21
Rainmaker
3,882,767
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

The very reason I do market reports each and every month, so I am on top of my market.

Jan 10, 2019 11:28 AM #22
Rainmaker
3,645
Martin Percival - English Broker
English Broker LLC - Denver, CO
Treating Clients Like Royalty

Agreed! Knowledge of one's market is vital! I try to use the question as a way to gather more info from the person asking - my usual answer is "It depends on your perspective!" - it's an excellent way to go deeper with a potential client and figure out why they are even asking about the market. 

Jan 10, 2019 06:21 PM #23
Ambassador
884,634
Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Liz and Bill Spear 
It is so strange to me --- Market Reports get so many views!!!! As you say " It's why as a blogger it pays to study your market and write market reports."

Jan 10, 2019 07:11 PM #24
Rainmaker
2,682,486
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

You have to really know your market consistently throughout time to really gauge you’ going to go

Jan 11, 2019 09:07 AM #25
Rainmaker
1,448,292
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Liz and Bill Spear, before anyone throws numbers around, they should first truly study the market. I was with several friends last week and one of the ladies(also a Realtor) claimed to have sold five homes in a specific area in December which I knew wasn't true and called her out on it. Others in the room found remarkable that I knew exactly how many homes sold in a specific subdivision. If one doesn't know, perhaps saying "good" "bad" would be better. 

Jan 11, 2019 02:18 PM #26
Rainmaker
489,138
Gwen Fowler-CRS- 864-638-3599 SC Mountains & Lakes--
Gwen Fowler Real Estate, Inc - Salem, SC
Gwen Fowler Real Estate, Inc.

Such a great way to answer the question. I loved this... "You'd better know more about the market than the person asking."

Jan 16, 2019 07:28 AM #27
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