Do real estate market statistics tell a complete story?

Do real estate market statistics tell a complete story?

 

Do real estate market statistics tell a complete story? The short answer it depends. How you are going to Staisticsuse the information will impact the answer.

 

YES! Statistics do tell a story and create a historical record showing us the cycles in real estate and where we are in that cycle.

 

NO! if you are writing an offer in a “HOT”, “sellers” real estate market waiting for monthly statistics and trends is not a good strategy for winning.  You may need to turn your focus to pending sales & under contract statistics daily and weekly changes in the market to stay on top.

 

Real estate moves in continuous cycles, some call it a pattern, although the cycles and or patterns do not have clear beginning and ending times, dates or a set formula. Knowing where we are in the cycle is an observational educated, guess.  The full story won’t be told until the trend or pattern is complete.

 

Staying engaged with the data such as inventory, absorption rate,days on the market, sold to original list price ratios on a daily, weekly and monthly basis is the way to know how to work with in the cycle. An offer will be crafted differently in a declining or buyers market than in a recovering sellers market. In addition there are fundamental economic factors that drive real estate, access to funds or the ability to get a mortgage, job stability, supply and demand for example.


Do real estate market statistics tell a complete story?

Philling StationDiane M. Phillips, REALTOR®

Military Relocation Professional


Cell/Text: 443-286-4365
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