In my 20+ years as an agent I’m shocked at how the majority of Buyers and Sellers truly know so little about the state of the market and it’s direction yet are making quick decisions that could cost them a fortune in real estate (and beyond). This is usually a direct result of their agent or broker not knowing either and the client is simply trusting “the expert” as to be expected. Here is exactly how to avoid this.
Seek the 5% of agents/brokers that truly are tuned in….. I assure you it’s worth it. An agent or broker truly worth their salt will be able to explain to you what months of inventory/supply is in your market as well as what it’s been for the past year or so. This is incredibly important. When you have this kind of data and understand how to use it, you can truly start seeing powerful trends so as to make great decisions with the guidance of your agent. This simple tool alone will save you unbelievable amounts of money if you follow it and require this knowledge from your agent otherwise you may be leaving hundreds of thousands of dollars on the table!
A few years ago, a client named Anish and AnnaLisa were referred to us. They had bought 2 years prior on a home that they paid full price on. Their agent didn’t realize at that time the market was statistically oversupplied. A few years later they reached out to me to discuss selling. Upon completing a full analysis including inventory levels, they were really disappointed as we had to explain that they were under by $150k but still ready to sell. However, based on trending data, we felt the market would likely start moving up within 6 mths. We advised them to hold for 2 years based on the data and forecasting at which time we felt they’d actually be on the plus side of the numbers. they’ll be able to sell and realize a $100k gain, a $300k turnaround!
Besides being ecstatic we saved them so much money, they swore they would never buy or sell real estate again without knowing these valuable metrics. And we gained the trust of a client for life! Learn more about how we can serve you with our proprietary market insight and analysis via a FREE consultation with Tarek Morshed