REMI Releases Tip Sheet for Market Evaluation

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The Real Estate Marketing Insider releases a tip-sheet for agents and marketing professionals describing ways to evaluate an unfamiliar real estate market. The tip-sheet was inspired by a July 10 report in Westport Now titled, “Real Estate Report: 26% Sales Jump Over 2012.”

The Real Estate Marketing Insider announced the release of a tip-sheet for real estate sales, marketing, and real estate lead generation professionals on how to evaluate unfamiliar real estate markets for their sales and dollar-volume potential. REMI used as an example the city of Westport, Conn., which has been enjoying strong property sales in every real estate market.

Westport’s market activity was reported on July 10 by Westport Now. According to the report, the wealthy Connecticut town “[has] not seen such brisk activity like this since 2006.” The first half of the year has seen 211 closed sales of single-family homes, 26 percent more than were closed successfully in 2012, and 84 percent higher than in 2009 - the peak of the market crash. The last time Westport experienced this kind of activity in the real estate sector was in 2006. The median price for a single-family home in Westport is currently a little under $2 million, which marks a year-over-year average-price increase of about $131,000.

REMI chose Westport as an example market because its profile is typical of many markets in America. Its sales prices and numbers are rising, and real estate professionals are seeing this as a sign of active recovery from the housing crash of 2007. Realtors looking to procure listings in unfamiliar markets might have a hard time determining which markets are good investments of time and energy. REMI’s experts have put together this tip-sheet to help real estate professionals assess the potential of new markets. Here are some factors to keep in mind:

-Sales numbers and direction - are sales numbers on the rise month-to-month and year-to-year?

-Turnover times for sales - how long are new listings on the market before being sold?

-Number of distressed or foreclosed properties, and what share of the sales numbers they make up.

-Total sales volume, not only by month/year, but by season. This information may affect when realtors decide to enter a new market.

The Real Estate Marketing Insider announced the release of a tip-sheet to help realtors decide whether acquiring listings in a new market will be worth the time and energy. REMI’s experts advised that markets must be evaluated based on criteria such as sales numbers, average market time, and total sales volume over various lengths of time.

About the Real Estate Marketing Insider:
The Real Estate Marketing Insider provides breaking news reports and expert analyses on the real estate industry in North America. REMI is an online publication based in La Jolla, Calif., and can be found at http://www.realestatemarketinginsider.com/.

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