Realtor’s talk about knowing the market. But what does that mean? Knowing the market is like knowing your job. Sure there’s real estate law and contracts, but for the sake of protecting my clients investments and advising correctly, I make sure I “know the market.”
Here’s my list of things I pay attention to as a full-time Sotheby’s Realtor in Steamboat.
• Know the inventory. I know the inventory in the Steamboat MLS. And even properties that are not listed in the MLS. Maybe not the details of every property, but if you ask me what’s available on Maple Street, I have that answer.
• Know the past. I know what homes, condos, and town houses sold when and for about how much. This knowledge goes back several years. This will help value current properties and show past trends.
• Know price points and what you can get for your money. This way if someone asks me how much is a 3 bedroom, 1,500 sqft home sell for in area “X”, I can give them a range. Not, “I’ll get back to you.”
• Know the areas and architecture styles and age of homes throughout Steamboat Springs. So if someone says I want a home with great ski area views, 3 bedrooms for about $500,000. I’d say you should look in area “Y”.
• Follow foreclosures filings. I have a pulse on property values in specific areas. I noticed 3 new filings in a townhome complex last week. Tells me prices might go down in the next few months in that area.
• Follow recent sales and pending sales. This tells me what price points are selling and which might be taking longer to sell. Important info when selling real estate.
• Know the stats and market trends. I know absorption rate or how fast properties are selling.
There’s a lot of information one must study if you want to “know the market.” But as a full-time Realtor in Routt county, I live real estate every day. This is my job and knowing the market allows me to help you make great choices. Whether you’re buying real estate, selling real estate, or holding onto your real estate, I will provide you the detailed information you need to make the right decision.