Are the buyers out this weekend?
Hope you are staying warm – it’s absolutely frigid here in Northern Virginia!
We recently went through an MLS conversion (second one of my career – first one in 2 decades!) and REALTORS have lots of new information available that we weren’t able to see before.
This new report shows specifically how many showings each listing has received! I found this fascinating. When your house is on the market and you have a super busy or painfully slow weekend the first thing you do is try to figure out why. Is it the weather? The news? The Redskins? The marketing? The buyers? The price point?
We scan all of these metrics, ask colleagues, and adjust accordingly. A lot of this is based on experience and guesswork. Well what if we knew EXACTLY how many showings similar homes in your area received? Now that would be an interesting stat to have. And now we do!
Take a look at this report I just ran for all single family homes priced between 500k and 900k in 20165:
From this information we now know that there were more showings the second and third week of January than the first. We also know that on average it takes about 6 showings in our current market to generate a contract (long term statistic is 10, so right now the market is moving faster).
What you can’t see on the chart above is that there are currently 19 homes for sale in Potomac Falls in this price range – 9 of which are new to market. So 10 of those homes had ZERO showings this month – this points out just how important it is to price/stage/market a property correctly – the buyers just won’t want to see if it has been on too long (the classic “what’s wrong with it”) comes into play.
The information geek in me LOVES this new look into the real estate market.
If you want to know what is going on in your neck of the woods – reply to this with your zip code and we will generate the full report for you. Super helpful if you want to stay on top of the real estate market and trends or to get a birds eye view if buying or selling is on your radar in the next year or so.
Hope you have a great week!
PS – if you have any specific real estate questions – please don’t hesitate to ask us! Who knows? Your question might be featured one Monday.