What's the market like?

This is the number one question I get from current and past clients and the answer is easy... if you are working in the real estate business.


I have the privilege of seeing homes come on and off the market every day. Whether they are new listings, expired listings, just sold properties, or active properties, every category gives me a better overall picture of "the market".


Customer: "How's the market right now, Chase?"


Me: "Well, are you a buyer or a seller?"


Customer: "I'm both... First I need to sell my house, then I want to move into something smaller with less maintenance."


Me: "What area are you selling in, and what area are you buying in?"


Customer: "Does that really matter? I want to know what the overall market is like..."


Me: "It matters. It matters how large your house is, whether or not it has a pool, the distance from your house to the beaches, the finish quality of your home, the number of bedrooms, the zip code, the neighborhood, and even the quality and maintenance of your neighbors yards!"


Me: "Let me give you an example: today, February 6th, 2014, if you list your Seminole home with 3 bedrooms, 2 bathrooms, 2 car garage, in ground pool, fully upgraded (granite countertops, stainless steel appliances, neutral ceramic tile/travertine floors), you have an absolute GEM.
You are able to ask a premium for your home because you have the ultimate property...for right now. Homes in Seminole are FLYING off the market and very rarely expiring. If you want to move from Seminole to Largo, Clearwater, St. Petersburg, or Pinellas Park, you can buy 1.5x the home for your money. I have at least 5 clients who would jump all over a 3/2/2 with a pool in Seminole for $200,000, but they don't exist! I can show them the same exact thing they are looking for just 5 blocks north in Largo and they're not interested for whatever reason (Seminole schools, proximity to the beaches, neighborhood quality, and friends/family).


The lesson here today is, the market is constantly changing, even from day to day, because of supply and demand. RIGHT NOW, the customers that are actively searching for homes with a  realtor determine "the market". That makes demand very volatile because there are significantly less serious, immediate buyers than there are listed homes in Pinellas County (as of 10:00AM, 7,336 properties)


So... "How's the market?"


Answer: "Fantastic........ If you can keep up with it, find the right houses for the right customers, work fast, and work diligently for your clients' best interests."