Early 2024 headlines are flooded with mixed messages about what's happening in the real estate market. From forecasting rates to a surge in multiple competitive offers, speculation about the mansion tax, and an impending election year - yikes, there's a lot to unpack. So what the heck - are home values up or down?
Well, the answer requires more digging and lots of questions. While we always consider comps (comparable sales) when determining price, recent sales alone (even next-door neighbors!) don't always uncover market trends and can be a reckless pricing strategy.
We know you're curious about equity gain, so our agents lead with accurate, up-to-date market data in every conversation. We go deeper than the headlines and comps and show you specific data that matters most in determining value. Here are five stats that have a significant impact:
1. Showing Activity - buyer demand and trending behavior, and the leading indicator of sales.
2. NEW Listings - the number of properties hitting the market in your area/price range.
3. Pending Sales - slowing down? Speeding up? The number of buyers actually pulling the trigger.
4. Price Reductions - when a property doesn't sell at its initial list price, most sellers will adjust their price accordingly.
5. Expired (or canceled) Listings - the number of homes that came on the market and never sold.
6. Loan Applications - number of serious and qualified buyers ready to actively start house hunting.
Our agents do more than glance at neighborhood sales because pricing your home isn't easy and certainly not black and white. It is a marketing strategy that can greatly impact your bottom line, and we're interested in telling you the whole story.
