Consumers who rely on media headlines are certain to be at a decision-making disadvantage. Real estate data is a vital tool and it can provide valuable insight. However, not all data is created equal, and it’s essential that the information you use is accurate, relevant and up-to-date. This is where local professionals who see things in real-time come in. There is a difference between generalized public market data that shows macro trends and what an experienced real estate agent can tell you.Here’s why boots-on-the-ground real estate data matters.
Almost all of the media articles citing real estate data, whether it is national or local, are based on what happened weeks or months ago. That makes it old news. The fact is, so much of the data we hear or read isn’t an accurate reflection of what’s happening right this minute. It can accurately reveal trends after the fact but not what is happening right now and certainly not what data is relevant to any specific property you may be interested in making an offer on, or selling. When it comes to real time data, being in front of a wave of price reductions or increases in buyer activity creating more competition can be the difference of thousands of dollars profit or loss.
Among the many benefits of an experienced real estate agent–which I dive into below–is the fact that we’re in it. A good agent is truly immersed in the market, actively engaged in what’s selling/signing, with a finger on the pulse of what’s coming to market next.
For example, any agent working with clients right now and attending weekly office meetings will tell you that since the New Year, we’ve seen an increase in market activity (showings and contracts written). In a couple of weeks, as the spring inventory starts to roll out, I will be able to tell you if that momentum is picking up steam or stalling out and how my colleagues are advising their clients to respond.
The Tangible & Intangible Benefits of a Real Estate Agent
The most important thing to understand about real estate is that it’s complex, nuanced, and hyper local. Unless you’re truly immersed in what’s happening in the market right now, you should be talking to someone who is.
A big advantage of working with a professional who sees things in real-time is that we are generally more attuned to local market conditions. While headlines and national data can provide a broad overview of the market, it may not reflect the specific conditions of a particular area. A professional who is familiar with the local market will have a better understanding of what’s happening on the ground, and this can be invaluable when it comes to making decisions.
In this lies one of the greatest value-adds of any professional real estate advisor who is completely immersed in their market, actively engaged daily in what is selling/being signed for, what number of attendees may be present at open houses, the number of bidders any particular property received, the number of showings, etc. The boots-on-the-ground real-time data may not be 100% accurate, sorted and prettied up for mass consumption, but it generally provides a much more accurate and clear picture of current market conditions and can be essential to being in front of price reductions or increases. That means your agent is well equipped to advise you on strategies for navigating any offers made or received now, with information you can’t Google or find on headline news until after the fact.
Timing does matter where real estate is concerned both yours and the markets, and working with a professional that makes the most of market timing without being pressure related is your best bet.
Looking to buy or sell or just want to see what is out there? You know where to find me.