Here are 4 stats that make sense and every REALTOR® should be able to tell you right off the bat!
1) Days on Market. This information can be used to inform the customer how long homes are sitting on the market. The better you price the product, the faster you can expect to move it. Don't make the mistake of pricing too high, as the house will sit on the market and become stale. Even price reductions may not achieve the desired result, and both parties will eventually become frustrated with the process.
2) Sold-to-Ask. Show your clients what the market conditions allow them to expect. Buyers need these stats as proof that offering way less than asking price simply will not work (provided that the home is priced right to begin with). In today's market place, expect this number to be in the 95% range.
3) Homes Sold at 100% or More. Helps your client be realistic, and open to offers, while telling buyers, that some homes do receive 100% of asking price, and they need to be prepared to increase their initial offer if countered.
4) Units Sold. The most obvious statistic of the 4, but only if you can tailor it to the area in question. Cambridge stats are ok, but North Hespeler, East Galt or Preston are even more useful to your clients. Especially if you narrow it further by only including the type of home to be considered. Not much use including condo sales in your stats, when your clients are in a single detached home.
MLS has these statistics, and your REALTOR® should have these stats. Check out my "June 2009 Housing Market Update" to see what's happening in the Cambridge area. If you want to know the numbers for your specific part of town, just call my direct line or send an email to reach me.
Are you ready2move?
Buying and Selling Residential, Condominium and Investment real estate in the Waterloo Region since 2008. Oh, and also Ottawa! :-D