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XML FeedsI'm a geek. I admit it. I love statistics and numbers and figuring out what pictures they can paint. (although my old college professors from Florida State University and the illustrious Kenan-Flagler Business School at UNC-Chapel Hill might just keel over from shock hearing me say that!)
But any time I am working on information for a buyer or a seller, I run one of my patented State Of The Market reports. Which breaks down the numbers within price bands and areas, and allows me to look at absorption rates.
NAR likes to tell folks that a 6-month supply is a balanced market. (Which is probably the most honest thing being said these days by NAR but i digress). The real estate market in Charlotte NC is hot in pockets, and soft in pockets. You really have to know what's happening in the micro-market you're considering, whether you're a buyer or a seller. For example-in our first time buyer range, in Union County, under $200,000-there's a 6.6 month inventory. Which is doable. (How do you beat the 6 month time? Price and condition, it's that simple.) But in Cabarrus County in the move-up range, between $400,000-$500,000, there's a 17.2 month inventory. Holy smokes! We sure do hope the market in Florida picks up sometime soon...
Moral of the story-study your price bands and micro-markets. If your real estate agent isn't studying these items, call them and pepper them with questions-a good, professional agent is a student of the market at all times.
