Tips for Realtors Getting to Know Their Local Real Estate Market

local real estate marketWhether you’re just starting out as a real estate agent or you’re looking to improve your competitive edge after years in practice, getting familiar with the local real estate market is a commonly overlooked secret to success. The more you know your local market, the better you’ll be able to serve both buyers and sellers. We have some tips to improve your knowledge of the local market and improve your performance as an agent!

Look at Recent Sales Statistics

Recent sales statistics will tell you the most recent sale prices, the volume of sales, and value appreciation rates in your area. This data will impact the price a seller should list a home at or a buyer should offer to purchase at. If homes have been selling above value, take advantage of that trend to make your buyer a bigger profit! Local sales follow a trend and as a real estate agent, you’re the one who should be up to date on the latest trends.

The Larger Market Supply and Demand

Your local market will be impacted by the larger real estate market. Pay attention to the supply and demand not just in your area, but the surrounding areas in your state. If the demand for homes is higher than the supply of homes for sale, buyers may be looking further away to find the home of their dreams. That means the buyer who’s going to offer the best price to a seller may not be living in the local area right now! The real estate market has ebbs and flows all the time. It’s always important to know your local area but staying connected to the surrounding areas is the best way to give yourself the ability to grow and reach a larger client base over time.

Contact Crush It In Real Estate

These tips are just scratching the surface of getting familiar with your local market. If you’re a real estate agent looking to enhance your knowledge and make yourself even more resourceful for your clients, we offer a variety of real estate agent courses to get you there. Contact Crush It In Real Estate today to get started! We can help prepare you to enter a market that’s booming not just locally, but nationally. There’s no better time than the present to improve your real estate knowledge and turn it into a career!