Whether you’re a statistical pro or a novice at numbers, here are 4 great ways these stats can give you concrete facts to help you in your consultations with clients.
- Show and discuss the original price to settled ratio in your county when helping a potential seller decide how to price their property.
For example, in Salem County, NJ in March the average original price to sale price was 85.8%. In March of 2004 that number was 95.5%. By showing your client that sellers aren’t getting as much as they’re asking for, you help your client make realistic decisions about how to price their house, and hopefully avoid frustration caused by reducing their asking price later on in the process.
- Utilize the inventory accumulation information to help your buyer be realistic about available properties.
In Delaware County, PA in March, inventory accumulation reached a 10 year high at 10.7 months. Compare that to 2.8 months, in March of 2005, and explain to your client that with inventory this high a property that might have been lost to a bidding war 7 years ago was now just one of many options. By showing your client these numbers, before you begin showing them houses, you can alleviate some of the stress created by being uncertain about a property.
- Show the Pending Units chart for a visual representation to help an undecided client understand the seasonality of the market.
Not sure when to list? In Kent County DE in March Pending Units jumped to 172. This peak typically occurs everywhere in March or April, as the spring season starts to show the fruits of labor. Another slight peak tends to occur in the fall, but in recent years, the biggest jump has been in the spring. Showing this to your hesitant clients may help them make the final call of whether or not to list in the busy spring market.
- Compare the average settled price for multiple counties when you have buyers whose desired area crosses two counties.
Chester County PA’s average settled price is and has been in the $300 thousand range consistently for the last 10 years. Average settled price in Delaware County PA was $247,000 in March and consistently shuffles from the low to mid $200 thousands. By showing your client which county generally has homes closer to their price range, you can help them trust that you have their best interests in mind and are realistic about their finances.
Print these reports out, save them and send them to clients in email, include them in your listing presentations. However you do it, use these valuable (and FREE) reports to help support your advice to clients on the tough choices they will make during their home buying and selling process.
What are you waiting for?!?! The April statistics will be added to the Market History Reports around May 10, but get acquainted with them now so you’re ready to use the latest numbers.
Access the latest Market History reports here!
How are you using these reports? Share your tips in the comments.
Emily Schaffer • Communications Writer / Coordinator
Emily joined TREND in March 2012 as a Communications Writer and Coordinator for the Design
and Communications Department. She is responsible for creating news stories and preparing the monthly TRENDLink.