Would you like a simple hack to help you predict the direction of the local real estate market? Today we’re gonna give you one.
Hi everyone, I’m Tom Pietsch with Tom & Cindy and Associates at Long and Foster and today I wanted to tell you about what we call our rolling inventory check.
Each week properties come on Thursday, Friday, and some on Saturday even though it’s not really the best thing for the seller. What we do is we check the amount of active listings in the zip codes that we cover from on a Saturday at noon.
Then what happens is the exceptional properties that look great and they’re priced correctly over the weekend and into Monday and Tuesday they receive offers, they’re negotiating and sometimes up til five o’clock on Wednesday. So Wednesday at seven o’clock we check that inventory again. What’s happened this year, the last four years inventory’s been really low at the beginning of the year. There was a time in these two zip codes that we had 50 60 houses on the market. So we check that on Wednesday at seven and then by Saturday at noon there’d be 80 85 houses on the market. Then the next Wednesday at seven o’clock it’d be back to 55 or 60 homes on the market.
So it’s been a really valuable tool because right now here we are on Tuesday but inventory’s grown to 104. So, is that by Wednesday night gonna go back down to 84? Well, right now I’m doubting it a little bit. It looks like we could be creeping up in inventory and seeing a tiny bit of a change in the market.
What does this do for sellers? Well, we’ve got a lot of clients depending on us to help them price their homes to go on the market and also to give them timely advice as to is it time to reposition their price or should they stay where they are?
This is just a real easy and quick way that if you’re consistent over years checking this out you can kind of get a feel for where the market’s heading. If you’re thinking about putting your house on the market or you’ve got questions and you’d like to discuss this be happy to talk to you, give our office a call. 703-822-0207.
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