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Replies (4)
- Dan, "the_country_hick"
- Contributions:4695
When most people ask how is the market they simply want to know if house prices have been falling, stable, or rising for at least 6 months. That is simple to give an answer to.
- PukonYukon
- Contributions:173
telling how the market is doing is not the same as telling how to react to it.
example.
- market prices for houses are down from last year, the same house that would have sold for $100k is selling for something closer to $90k.
then the advice comes separately
because of this, there are a lot of rental options, people that can't sell are renting them out. You can get some good deals on rent because they are desperate to fill their houses.
Perhaps that doesn't decribe your market. but how the market is, and what to do about it are not the same question. think straight forward and most things are easy to answer.
- ConnieK_Oklahoma
- Contributions:2899
I would agree with the statement that how the market is doing is separate from what to do about it. We should be careful giving advice anyway and stick with providing information. The things that I see most with that quesiton is when people try to answer, "it's slow" or "it's moving along well" or "it's up"
It is best to simply answer that part with- Market prices on home sales are stable. Rental prices had a temporary spike but have leveled off. Houses sit on the market an average of X days. Houses in X price range have a longer time on market than house in Y price range. The bulk of the houses for sale right now in the area are from X to Y price. I see Z percentage of foreclosures in this area, short sales are difficult to measure because I don't have hard data, just textual details from listing notes- there could be more but at the moment they appear to by about Y percent.
that's a lot of detail that they possibly couldn't get on their own and you don't know what from that might motivate them to do whatever it is they want to do with that. and then there is your opportunity to say what you'd do know that info.
It is best to simply answer that part with- Market prices on home sales are stable. Rental prices had a temporary spike but have leveled off. Houses sit on the market an average of X days. Houses in X price range have a longer time on market than house in Y price range. The bulk of the houses for sale right now in the area are from X to Y price. I see Z percentage of foreclosures in this area, short sales are difficult to measure because I don't have hard data, just textual details from listing notes- there could be more but at the moment they appear to by about Y percent.
that's a lot of detail that they possibly couldn't get on their own and you don't know what from that might motivate them to do whatever it is they want to do with that. and then there is your opportunity to say what you'd do know that info.
- Jared Fields, JD, "MyProvoHome"
- Contributions:76
Any full-time Realtor is going to receive this question multiple times a week for the next several years. So knowing how to answer it in advance is a wise move.
I agree 100% with the response "It depends". Here in Utah County, the accurate answer really is "It depends". Certain markets/areas have been recovered since late 2009; others have fallen like rocks in 2011; a few are actually seeing appreciation.
A good Realtor will know the ins and outs of their local market and area so that they can better find out what information the individual is really seeking and accurately answer it.
I agree 100% with the response "It depends". Here in Utah County, the accurate answer really is "It depends". Certain markets/areas have been recovered since late 2009; others have fallen like rocks in 2011; a few are actually seeing appreciation.
A good Realtor will know the ins and outs of their local market and area so that they can better find out what information the individual is really seeking and accurately answer it.
How is The Market?
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- 4.9/5.0
- (4 reviews)
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