“How’s the Market?” – A Deceptively Complicated Question
Perhaps the most common question any Realtor will get throughout their day is “How’s the Market?” The truth is that “How’s the Market” is a loaded question, as it depends on a variety of factors.
What folks are typically asking with this question, however, is not how the entire market is, but how is MY market? Real estate is hyper-local. It could vary significantly from street to street, and the person asking likely does not care what the homes on the street over are selling for. They want to know, if I sold today, what kind of financial shape am I in?
Like we mentioned above, it depends. But on what factors?
Well, are you interested in buying, selling, or are you just curious as to your current home’s value? What price range are you asking about, and in what neighborhood are you most interested in learning about? To this, some may say, “well, why does it matter? Can’t you just tell me it’s ‘good’ or ‘bad’?” Not so fast. The market may be moving very quickly in one segment, while another remains fairly stagnant with little or even negative growth. As a buyer, you probably want to know how much competition you’re up against when it comes time to make an offer. This can vary significantly by the price range you’re interested in. As a seller, if you’re on the fence to sell, but find out inventory is near record lows, then it may be the perfect time to think about listing. Or vice versa if inventory is high.
The market is in a perpetual state of motion, and the change is not linear across price ranges. To say the market is “great” across the board would be a huge misrepresentation of the facts, and quite simply would not justify reality. As Realtors, our job is to help educate buyers, sellers, and homeowners alike to help provide them with the information they need to make informed decisions. That is why we have poured time, energy, and resources into bringing our new Market Data Center to life on our Blog.
Our Market Data Center features over 70 colorful charts indicating market activity by price range and neighborhood. We also consolidated that information to give a big-picture look at how the area is performing, and tied in a regional report about the Houston market to get an even more macro view.
We highly value transparency and communication. We believe these are foundational aspects of successful relationships and transactions. We are committed to helping educate local homeowners as well as our clients to keep them abreast of the ever-changing market conditions.
For any questions on the local market, feel free to let us know. Or better yet, if you’re interested in finding out How the Market is in your neighborhood, contact us here and we’d be happy to provide you with more information.
The Kink Team is a family-owned real estate business, and is just part of the reason why so much care and attention is emphasized with each and every client. The Kink Team is recognized as one of the top producing real estate teams in North America and is highly awarded within the industry. Since 1999 we have helped over 1,200 clients buy and sell over $500 Million in local real estate. Let us go to work for you. Contact us today.