Since the real estate market is constantly fluctuating, real estate professionals need to keep their finger on the pulse of market trends. Real estate values, buyer demand, and mortgage rates are just some of the critical areas that real estate agents should constantly focus on. How you stay up to date with all relevant information determines how successfully you develop strategies for buyers and sellers.
By following the trends in the real estate market, you can understand the behavior of buyers and sellers and the best time to sell real estate. If you want to keep up with the latest real estate market trends, follow the advice of these 15 members of the Advance Guide Real Estate Council.
1. Track real-time market data
It is very important to be connected to some form of real-time data in a market that you are interested in. For the markets in which we invest, we track the fundamentals of supply and demand on a quarterly basis. We also track sales transactions to keep track of pricing in the market. – Mark Tiefel, Capital Equity Group, Inc.
2. Listen to your customers
For me, the best way to stay up to date on market trends is to actively participate in the market. Listening to my customers and applying the nuances of each transaction to future business may seem simple, but they work to make bigger changes in market behavior. – Jennifer Anderson, Anderson Coastal Group
Advance Guide Real Estate Council is an invitation-only community for real estate executives. Am i qualified?
3. Be a lifelong learner
Be a lifelong learner and read often. Read a variety of things, not just those related to your area of interest. This will give you an understanding of things and how they can relate to a customer’s situation. It can also enable you to build new relationships by incorporating new things into your conversations. – Michael J. Polk, Polk Properties / Matrix Properties
4. Subscribe to news publications
Subscribe to magazines such as BOMA, CIRE or Advance Guide RE. Determine whether recent market trends are cyclical or secular in nature. Feel free to ride the waves of cyclical trends, but make sure you don’t get caught in a secular tsunami. – Brian Spear, Sunrise Capital Investors
5. Follow local and global news
Information is key to tracking property trends at both the macro and micro levels. As a real estate agent, we need to stay up to date on both local and global news to keep our clients safe from market fluctuations. Keep an eye on plans for new developments in our neighborhoods, track indicators of consumer confidence and 10-year US Treasury bond yields as benchmarks for interest rates. – Tara Hotchkis, compass
6. Watch markets with high volatility
Watch markets with high volatility as they are a good indicator of what the future holds for the broader market. In Southern California, for example, home prices in speculative markets like Inglewood or boom or bust markets like Riverside tend to rise and fall faster than in more established cities like Long Beach or Pasadena. – Ron Costa, The Eighty-Eight Group
7. Collect feedback from customers
It sounds almost too easy, but I try to make sure that every single interaction has a feedback loop. Often it is quantitative feedback. When that’s all we have, I consciously look for ways to listen to people directly. – Clark Twiddy, Twiddy & Company
8. Strengthen your power team
Your success in real estate depends on the strength of your real estate “power team,” which typically consists of a broker, wholesaler, real estate inspector, contractor, property manager and lender. Close contact with your power team is the best way to get detailed information about trends and market impulses. – Saurabh Shah, InstaLend
9. Network with other industry professionals
I keep in touch with others in the industry including mortgage brokers, title brokers, and other brokers. I will ask you regularly whether you notice changes in the market or see new trends. I also study market reports from my local MLS and other local and national sources. – Chris Bounds, Invested Agents
10. Read newsletters and reports from economists
Real Estate offers a variety of free business newsletters and reports, including those from the National Association of Realtors, the National Association of Home Builders, and insurance companies like Nationwide Insurance. Knowing and understanding the trends is something that leading economists do. Learn from them as they are the experts – this is the best way to stay one step ahead of the next steps. – Kevin Hawkins, WAV Group, Inc.
11. Establish local connections
Local connections and a mastermind group are key to tracking market trends. The most successful real estate professionals don’t look to the news now – they are even ahead of the news. For example, a new development can completely change the environment of a neighborhood. It is important to be aware of such changes so that customers can be informed in advance. – Marco Del Zotto, LIV | Sotheby’s International Realty – Breckenridge CO
12. Look out for “Coming Soon” signs
Be on the lookout for signs that pop up in your farm area and reach out to these brokers to learn more about the properties coming on the market. This type of information gives you the advantage of becoming more expert in these areas and better predicting price fluctuations. – Mor Zucker, Team Denver Homes – RE / MAX Professionals
13. Check key data Key
I track trends and movements in markets based on interest rates, prices, stocks and market days. All of these areas in tandem tell a market story that can enable agents to help sellers and buyers find the best strategies for optimal results. – Cheryl Abrams, Re / Max United Real Estate
14. Set up Google Alerts
Set up targeted Google Alerts. With keywords in your specific areas of expertise or interests, this is an easy way to let someone else do the daily research for new information on your behalf. – Nathan Headrick, BluWater
15. Keep an eye on the comps
Knowledge is powerful. Keep an eye on the comps in the area. Do you know what everything is being sold for and who is buying what. With iBuyers in most markets in particular, it is important to keep your finger on the pulse of changing trends. – Mike Hambright, FlipNerd.com