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Local Market Knowledge

An agent posted a question on LinkedIn this morning about where to find information on remote market areas to help an investor-client.  Another agent responded with links to a couple of websites that report market data around the country.  I tried one that I had not encountered before, and the results were what I have learned to expect — disappointing.  I looked up Austin, Texas on that other site, and compared their report with up-to-the-minute data from our MLS.

The online report showed the Median price of a single family home here as $331,791. The Average List Price as of today is actually $331,133, but the Median List Price is $239,000, and the Median Sold Price in the past 30 days was $231,000. I can’t get even close to the reported DOM of 161 according to the online outlet . Today’s Average DOM is 103; Median 73. The numbers for Sold properties are much lower. Of course, I know market segments where listings languish for many months, and others that sell in 30 days or less.  I’m sure that real estate professionals all know of these huge differences between size/price segments and neighborhoods in all our market areas.

This is NOT criticism of that specific research firm or their competitors! What they are trying to do is valuable, but summaries of market conditions for an entire metro area don’t help a remote home buyer or investor very much. There are some other sites that act as VOWs and online brokerages that I don’t feel so charitable about, but more research is usually better than less. The bottom line, though, is that real estate still requires a human being dealing with “hyper-local” market detail.

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.


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