The Ellis Team analyzes market activity showing reports to determine buyer sentiment. This market report is for all listings using this service, not just our listings.
Market Activity Showing Reports
Realtors, have you ever had a listing that wasn’t receiving many showings? Did you wonder if market activity had suddenly slowed down, or whether it was just your listing? Realtors have the ability to track other listings showing activity and see how it relates to your listing.
If your listing isn’t receiving any showings but other listings are, perhaps it is the price. When a listing is overpriced, the market rejects it and showings fall off. It could also be the photos, the language in the MLS, or the data that was entered. We’ve uncovered so many unchecked or unspecified fields in MLS that would prohibit other Realtors from searching for a property and returning a match. When showing activity is down, you do not want to miss any.
The market activity showing reports allows us to search by city, zip code, neighborhood, bedrooms, price range, and more. For instance, let’s say I have a 5-bedroom home listed and it’s getting 1 showing per week. I might want to know if that’s good or normal. It stands to reason the 5-bedroom homes might receive less showings than 3-bedroom homes, so lumping all the data together doesn’t draw a true comparison.
Pending sales picked up in the last week. As we head into mid-January you would expect that they would. Pending sales are a barometer of potential future closings. This is why we track pending sales so strongly. What if there was a barometer for pending sales? We think there is. Obviously, you do not have pending sales without showings. Showings lead to pendings.
Pricing Benchmark Reports
The Ellis Team also has access to pricing benchmark reports. Perhaps we’ll do a future article on this. A pricing benchmark report compares the showings of our listings versus the competition. It also calculates the absorption rate to determine how long a property should take to sell versus the availability in the market. Additionally, our report shows your listing relative to your competition, so you can see if your home is priced correctly. The report will also give us price reduction data, so we know what other homeowners are doing and what percentage they are dropping their price.
Rear View Mirror
When you bring a home to market a Realtor typically looks at past sales. However, using past sales is like looking in the rear-view mirror. It tells you where the market has been, but it doesn’t always tell you where the market is going. The pricing benchmark reports and careful study of the showing patterns of competing listings, combined with up to the moment market data puts our sellers in a position to make better decisions.
When the market is on the move, you want to know about it before other sellers. Sellers whose home expired and failed to sell are astounded when they see the data. The reason most sellers overprice their home is because they lack data. The Realtor may be short on listings, so they don’t want to risk telling the seller what they need to hear in fear of losing the listing. When a seller shops for a Realtor, be careful not to select the Realtor who offers the highest price.
The Realtor doesn’t really offer anything. The buyer offers. If your price is too high, all you did was give your listing to a Realtor. Select the best Realtor based upon their track record, knowledge and experience. If you select the best Realtor, you’ll get the price right. And if the price isn’t right, the best Realtor will guide you on how to adjust. You want to sell your home for the most money. Partner with a great Realtor so your home doesn’t sit on the market and collect dust while your neighbors sell their home. Studies show, the longer your home sits on the market, the less price you will get in the end.
Always Call the Ellis Team at Keller Williams Realty 239-310-6500 Or visit www.SWFLhomevalues.com for an instant online price.