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This post was updated Aug. 18, 2023.
Homebuyers and sellers want an agent who understands the current market environment better than anyone else. Everyone wants to work with an expert, so how can you position yourself in a way that you become that expert?
We’ve talked about this before. We want to know everything we can about our local market, but we want to be able to specifically speak to certain aspects of the market to showcase our expertise in a way that wows potential clients and leaves them believing you’re the trustworthy agent to help usher them through a potentially tough transaction.
Today, my goal is to give you the tools you’ll need so that everyone knows you’re on the pulse of what’s going on in your market. If any major news outlet came to interview an agent who had the best take on what’s happening on the ground in your area, we want it to be you.
But where do you find the information you need? Let’s walk through some smart resources that can help you stay on top of the many information sources out there and bring it back to a local level. When you gather, assimilate, and distribute market knowledge, you can become the resource for real estate information in your area.
Since you’re reading this article, you already understand the value Inman News brings, so here are seven additional real estate resources smart agents use.
1. Realtor.com
Realtor.com is known for lead generation and as a portal where potential buyers can find property details, but the data and research it provides offers a great deal of market insight. The site compiles comprehensive real estate sales data year-over-year and month-over-month and assimilates the data into graphics that can be utilized in presentations to your clients.
The data is compiled with multiple metrics from the national level down to zip codes. Inventory data is available on a weekly basis at the national and metro levels. The monthly inventory data includes median list price, average list price, median days on market, average days on market, total active listings, new listings, and price reductions/increases.
The site also has a market hotness index that shows rankings based on days on market (supply index) and Realtor.com views per property (demand index). This data helps you identify how your market is performing in relation to others.
An understanding of local and national real estate trends is invaluable when positioning yourself as the local real estate expert, and Realtor.com is a great place to gather the needed information.
2. National Association of Home Builders (NAHB.org)
The National Association of Home Builders site provides a plethora of data and information regarding new construction. The site’s digital media and publications page shares multiple outlets for information from industry blogs to podcasts. These outlets provide a professional discussion around the new construction market.
The news and economics page provides monthly updates on permits pulled and housing starts numbers compared to previous months and year-over-year. These statistics provide a clear indication regarding sentiment and future inventory. This page also includes details on framing pricing on the national and local levels, housing starts numbers, and the Housing Market Index (HMI) that shares builder sentiment for present and near-term expectations.
The executive summary it provides is also extremely helpful. It features details on inflation, monthly housing start trends, and mortgage rate trends. The summary shows how all these trends are affecting buyer and seller sentiment. Based on this data, educated forecasts are presented for the coming quarter and year that can help you form your own localized opinion on market trends.
The NAHB is a great resource for agents to find outstanding data and trends that affect every local market.
3. ShowingTime
ShowingTime is known as a tool that assists real estate agents in organizing the showing process, but the product’s market stats component is extremely valuable as well. Data available includes in-depth market statistics that easily help you better understand your local trends.
It accumulates data like showing numbers that provides a quick snapshot regarding demand. This is a great tool to show buyer activity and demand with charts tracking daily showing request numbers. The InfoSparks feature also provides a way to generate unique charts on market trends and stat comparisons between different listing variables.
The detailed local information provided by ShowingTime gives you the ability to stand out as the local market expert.
4. Keeping Current Matters
Keeping Current Matters (KCM) does a tremendous job of gathering real estate market data from several sites/organizations and then collating it into easy-to-understand charts and graphs. Its timely, pertinent market information gives agents the ability to both increase their personal knowledge of market trends and to have access to shareable social graphics for marketing efforts.
KCM provides four blog posts and one infographic every week along with charts, graphs, and other visuals that help you stand out as the real estate information resource in your market. If you’re an agent looking for the freshest real estate market information packaged in a way that shows off your professionalism, Keeping Current Matters is a must.
5. Zillow
Zillow research offers one of the most complete breakdowns of real estate data available online. The inventory information it provides includes total inventories, new listing information, newly pending details, and days-to-pending information. It also includes a breakdown of list and sale price information including median list price, median sales price, sale-to-list ratios, percent of list-to-sale ratios, and days-to-close information.
It provides visuals and graphics on all things real estate making the information easy to copy and share. If you’re looking for easy-to-understand market details, Zillow research is the place for you.
6. National Association of Realtors (NAR) Annual Profile of Homebuyers and Sellers
The NAR annual profile of homebuyers and sellers provides statistical information on the trends relating to buying and selling decisions. The survey covers the characteristics of home buyers and sellers, the home search process, the characteristics of homes purchased, the home buying and selling experience, and the interaction with agents through the buying or selling process.
This survey provides great insight on opportunities and ways to serve your clients in a way that is in line with their desire to be served. If you are looking to align your business and marketing with the needs, desires, and current trends of buyers and sellers, NAR’s annual profile of homebuyers and home sellers is an invaluable resource.
7. Your Local MLS
Your local multiple listing service is chock full of all the local market information you could ever want. The Hot Sheet provides a daily update of homes that came on the market, went under contract, sold, or expired, along with an abundance of other key data.
Looking to understand the historical sales numbers for your area? This information is just a quick search away via your MLS. These searches can help you identify year-over-year trends in average sales price, average days on market, list-to-sale ratios, and all other pertinent local sales details.
The first place to start searching for local market information is your local MLS.
Do you want to be known as the most knowledgeable agent in your area? Educate yourself and distribute the market information you compile to as many potential clients as possible. By doing so, you will be seen as a valuable resource for all things real estate.
Someone is going to be known as your market’s expert. Why not you?
