4) TRY COMPARING AMENITIES RATHER THAN WHOLE PROPERTIES Instead of trying to look at whole properties in specific neighborhoods during a specific time period, try instead to look at just the neighborhood, or just the style of home (such as single-story, split level, or homes with a daylight basement), or even at lot size or an interesting feature such as homes with two master suites.
5) MY PERSONAL FAVORITE — LISTING TO PENDING RATIOS
In order to get a snapshot of just how fast the market is mov- ing (and track supply versus demand), as an agent I would track the total inventory and how much of that was “re- moved” from the available inventory each week with a pending. So if you have 100 homes on the market and 39 of them pend, you have a 39% listing to pending ratio.
See the chart below. When the inventory and
pendings lines get closer together, this represents moving towards a seller’s market with low inventory and high de- mand. When the lines move further apart, this signifies a buyer’s market with high inventory and low demand. I can use this when pricing property by seeing what the
demand is on a whole for specific types of properties: in a particular area, in a particular price range, or a particular style of home or amenity. This way I can look at the pulse of the market now ver-
sus the pulse of the market from when my comparables were sold, giving me a better idea of how I should price. Don’t be worried if there are no comparables that appear
to be a good match to your subject property. Learn a few new tools and don’t be afraid to get creative!
DENISE LONES IS PRESIDENT OF THE LONES GROUP
TEAM BASED IN BELLINGHAM, WASH. THIS ARTICLE WAS REPRINTED WITH PERMISSION FROM DENISE’S BLOG,
REAL ESTATE ZEBRA. IT IS ONE ARTICLE OF A FOUR-PART SERIES THAT DEALS WITH PRICING. READ THE ENTIRE SERIES AT
WWW.REALESTATEZEBRABLOG.COM.
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pendings listings
10 IGEORGIA REALTOR®
MARCH I APRIL 2013
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