Real estate is always a popular topic of conversation but now more than ever people are talking, looking at prices & watching and waiting to see what direction the market will take. Are we at the bottom yet or will it be the 2nd or 3rd quarter of next year? Are prices stabalizing or will they go down further? If they go down, by how much and what will happen to the interest rates? How will the results of Tuesdays election affect real estate? Lots of speculation but no one really knows the answers.

Keeping that in mind, as a realtor, there has never been a more important time to know your numbers than right now. A good agent will know and understand this information in order to provide it to their buyers or sellers. Some of the numbers that an agent should be aware of include: number of active listings, average list and sale prices, median sale prices, list price vs sales price ration, average days on market, average price per square foot, absorption rate, current interest rates & comparison of all current listings and recent sales in the capacity of the type of customer you are working with. A few months ago, I lost a potential listing because I quoted a price that was realistic but not what the seller wanted to hear. Obviously I was disappointed but understanding of their need to potentially get much more than I had quoted (unfortunately their place is still on the market but hopefully will sell soon). Things have changed since then and correct pricing right from the start has become critical. Sellers can't let hope and wishful thinking affect their pricing. I've heard that some banks are having appraisers go back only 3 months when getting comparables for appraisals. So as an agent, you have access to this information & you should be using it by providing it to your customers in advance of making an offer or selling a property.

At this time, it is all about the buyers and the good news is that in our area, we still have them but they are much more savvy about all that is going on. And the true motivation of sellers will have to surface....