Thursday, December 8, 2016

Dynamic Pricing

One of the tools we acquired when we all took Ninja Training was the ability to help sellers by showing them "dynamic pricing", which graphs sales and listings in a town or neighborhood.  It shows, in some cases, a clear advantage for one season over another.  It also allows agents to help owners price correctly, by judging the market as it moves, and putting new listings on at competitive and compelling prices.

This information can be helpful to buyers, too, as there are times when offers will not have much competition, and prices may be lower.  Whether you are a buyer or a seller, we know that the process for deciding to purchase or sell is longer than the lead times for most other consumer transactions.  Our website visits, in fact, peak in the winter months, when people begin to look at possibilities and market trends. 

Therefore, it can make a lot of sense to bring in a professional advisor earlier in the process--in fact, it's one of the data points associated with better real estate transaction results.  So don't feel that you have to wait until you are ready to look or list--we are here year round, and we prefer to gather information over time.  Sellers often need to do work, and consultation ahead of time lets them show their homes to best advantage.  Buyers often need to be qualified, and can come out of that process with a to do list for improving credit scores, or avoiding drops. 

So don't let the winter season pass you by!  As I've written before, our selling season starts earlier in many parts of our market than most realize, and the early bird can catch those sales.  If you are a buyer, you shouldn't even wait that long--rates have already begun to rise.  Should you have a lull in this busy season, give us a call.  If not, then make a note to do so as soon in the New Year as you get the chance.  We're ready to assist you. 

Monday, December 5, 2016

Current Absorption Rates

Explanation of absorption rate: The rate at which available homes are sold in a specific real estate market during a given time period. If you look at the number for North Haven you can say “If market conditions do not change and if no new listings come on the market it will take 5.1 months for the current inventory to sell at the current pace of the market. A balanced market’s absorption rate is typically between 5 - 7 months.”

Wednesday, November 23, 2016

Under All is the Land

I taught the Ethics course required by the National Association of Realtors this week to commercial Realtors from around the state.  The Code of Ethics has been around since 1913, and we go over it in continuing education throughout our careers.  It's always a good reminder, although the application of  the Golden Rule would be enough to cover most situations.   I was reminded that the Code begins by saying "Under all is the land", and that underscores the fact that what Realtors do goes to the heart of the American dream and way of life.

Wherever you live, and wherever you work, play, pray, and shop, you are in buildings and homes that are built on the land that makes up our country.  Realtors and real estate are integral parts of putting families and businesses in homes and commercial spaces, which is an important why we do what we do.

 And it's one of the things we're grateful for this Thanksgiving, and every day--our clients and their trust in us. We are happy if we have been a part of locating your holiday table in its current location!  May your Thanksgiving be full of peace and joy, with thanks and best wishes from all of us at Pearce Real Estate.

Monday, November 14, 2016

Real Estate Values After an Election

Whether you believe that our long national nightmare has ended, is just beginning, or is somewhere in between, we can all get behind the fact that real estate values have been depressed in an election  year, historically, and therefore the years after presidential elections are good ones for value.  The attached chart shows the trend over multiple election cycles.  The most likely cause is uncertainty, which is probably why the stock market dipped right before this election and rebounded afterward, when the orderly transfer of power seemed much more assured.

Since uncertainty is bad for real estate, the opposite should be true, no matter what the certainty is.  Therefore, it wouldn't matter what opinions people held about the outcome, only that the outcome is now clear.  This leaves a window, before values likely go up next spring, when buyers should try to benefit from both the season, and the current lower prices.  The window of opportunity is apparent, so act now, before it closes.

Monday, November 7, 2016

Ninja Training

Last week, we closed all of our offices for the day, and took Ninja training together.  It's a sales system that involves listening carefully to clients, keeping in touch with them, and giving them relevant and useful information on a regular basis.  Since the average person knows 12 real estate agents (!), we need to stay top of mind, and it takes a carefully thought-out plan to do that well. 

The goal of the whole program is to work smarter, not harder, and to be able to live a balanced life, something that can be challenging for everybody, but which is particularly difficult for real estate agents, who need to work so many nights and weekends.  We are excited by what we learned, and are looking forward to translating training into action.

Along the lines of working smarter, and listening to our clients, this is a good time to ask readers:  What do you want from your agent or company?  How do you want to hear from us, and how often?  What questions can we ask that will make your buying or selling experience easier and more effective?  How can we best demonstrate our expertise in the field, so that you can take advantage of what we know?

We ate now imbued with a very clear purpose, and will endeavor to work the Ninja way going forward, so expect to hear from us, and for us to be eager to hear from you.  There is a better way, and it's a win-win for all of us!