Your real estate clients look to you for expertise and guidance that often requires you to read the market. Since the real estate market is always changing and evolving, this can be a difficult but not insurmountable task. Keeping your finger on the pulse of the market requires you staying up to date on the latest facts and figures as well as forecasts and predictions for real estate as well as for other industries that affect the market in your area and nationally. Here are some things you can do:
1. Stay on top of sales in your area as well as comparables for different neighborhoods.
Listings that have recently sold as well as average square footage sales prices can help you gauge the state of the market for your city, town, or region. Having this knowledge can also help you guide clients and set realistic expectations for what sellers may be able to get for their homes, and what buyers may need to pay.
2. Attend local seminars and industry events as often as possible.
In addition to gleaning new information, you can be exposed to different views and gain fresh perspectives by learning from others.
3. Read trade and industry publications, either online or in print.
While it’s important to be an expert in your local market, knowing what’s going outside your city and region can help you learn about national trends that may eventually affect your market as well. Being familiar with different real estate markets can also help you understand and advise real estate clients who are relocating from other areas.
4. Follow news about mortgage interest rates and the national and world economy, all of which ultimately affect the real estate market and your buyers and sellers.
Having a broader view can help you anticipate market shifts and understand fluctuations.
5. Stay abreast of current events and political news.
In addition to helping you read the real estate market, being well informed can also help you converse with clients and colleagues intelligently and insightfully.
6. Pay attention to timing.
Real estate is traditionally busier in many markets during spring and summer months, so statistics and projections from those months could be misleading. Make sure to look at year-to-year trends and percentages as well as current numbers.
7. Network with other agents to get their perspectives and opinions.
Talking about the market with colleagues can help you gain new information and draw your own conclusions.
Whether it’s a buyers’ or a sellers’ market, HSA Home Warranty coverage is always a good read for real estate transactions. HSA Home Warranties offer the kind of budget protection that can be especially important for buyers and sellers during uncertain economic times. Your local HSA Account Manager can give you more information about how HSA Home Warranties can bring value to real estate transactions in your specific market.