With the real estate market constantly fluctuating, real estate professionals, home sellers, home buyers, as well as real estate investors need to keep a finger on the pulse of market trends. Following real estate market trends help professionals and investors to stay informed, monitor progresses, and to understand buyer and seller behaviors and when the optimal times to sell properties are.
The best way to stay up to date on market trends is to actively participate in the market. According to some top real estate experts from Forbes Real Estate Council members, here are some few tips to help people stay on top of real estate trends.
Track Local And Global News
Information is the key to tracking real estate trends on both a macro and micro level. As real estate agents, we need to stay abreast of both hyper-local and global news to keep our clients ahead of market fluctuations. Keep an eye on plans for new developments, track consumer confidence indicators and the 10-year Treasury yield as a benchmark that guides interest rates.
Observe High-Volatility Markets
Monitor high volatility markets because they are a good indicator of what the future holds for the broader market.
Read Newsletters And Reports From Economists
Real estate offers a plethora of economic newsletters and reports that are free, including ones from the National Association of Realtors, National Association of Home Builders and insurance entities, like Nationwide Insurance. Knowing and understanding the trends is something leading economists do. Learn from them as they are the experts—it’s the best way to get ahead of the curve on what’s next.
Review Key Data
I track trends and fluxes in markets based on interest rates, pricing, inventory and days on the market. All of these areas in tandem tell a market tale that can allow agents to help sellers and buyers decide the best strategies for optimum results.
Be A Lifelong Learner
Be a lifelong learner and read often. Read different things, not just those in your area of interest. This will allow you to gain an understanding of things and how they may relate to a client’s situation. It can also allow you to develop new relationships by integrating new things into your conversations.