Hobby vs. Business

I've been tracking our market and the the stats for years now.  It's a pretty simple process that takes all of about 15 minutes of my day on a Monday.  It's in my calendar.  I'm not a "numbers" person, I'm not the "analytical" type.  Most effective sales people aren't.  I learned early on that this isn't about being the "numbers" guy, this is about knowing what you're up against.  Knowing how to pull your market stats and use them to help buyers and sellers make the best decisions they can about saving money and making money.  I mean, knowing your market is right up there with knowing how to protect your client in negotiations.... and, the truth is, you may not ever get that far if you aren't savvy on the market-I mean, who wants to work with someone who has no idea about the conditions???  Maybe this is just me on my soap box (again)....

At any rate, week after week, I hear stories from agents who follow my market stats religiously about how they used the stats to get a Buyer off the fence... to help the Seller list at a realistic price, all of which caused the client to make more money, save more money, get the house they wanted, move out of the house they were done with.

Here are the stats for today!  I hope you use them and I hope they help you.  If you need help on scripts when utilizing these numbers then give me a call or enter your information on the right hand side of this page.  I'd be more than happy to sit down with you and show you how to use this information to increase your bottom line.

This Week:

3,755 Available SFR.  Of that; 9% are bank owned, 24% are short sales and 67% are equity/other.

Last Week:

Only 839 homes went into escrow.  Of that; 21% were bank owned, 48% were short sales and 31% were equity/other.

There were only 346 homes that closed escrow.  Of that; 24% were bank owned, 38% were short sales and 38% were equity/other.

The inventory seems to be pretty stable at around 3,800 for the past several weeks.  I'm noticing a decline in accepted offers and closings week to week.

Something else to notice, last week there were only 34 homes that Expired (Failed to Sell) that were not bank owned and not short sales.  This number is usually about 80 for the week.  Less homes are expiring.. are the selling or sitting?  Equity accounts for nearly 70% of the available market... yet only 38% of what is closing.  It's the same only reverse for bank owneds...ONLY 9% of the available market and 24% of the closings.

It's not easy out there.  But it's totally doable.  There are people that have been selling real estate for 30 years.. they've made it through 18% interest rates, the boom of 2003 and the fall thereafter.  It's knowing the market and adjusting your skill level to make it work.

It's the difference between real estate being a hobby or a business.  Which is it for you?

Las Vegas Market Stats!

Here are the numbers this week!

3,749 homes available.  10% REO (bank owned), 26% Short Sale, 64% Equity.

Last Week 1,078 went into escrow!  20% REO, 47% Short Sale, 33% Equity.

Last Week 686 homes closed escrow!  31% REO, 33% Short Sale, 36% Equity.

Market Stats!

There are currently 3787 Homes available!

Of that: 10% were REO, 26% were SS and 64% were Equity.

Last week 1063 went into Escrow.

Of that: 22% were REO, 46% were SS and 32% were Equity.

Last week 628 closed escrow!

Of that: 25% were REO, 34% were SS and 41% were Equity.

Last week there were 54 non-SS and non-REO Expired listings... this number is going down probably because the market is catching up to overpriced listings due to the high deman and low supply!

Market Stat Extravaganza!

Here are the stats for this week!

3,915 Available.  10% Bank Owned, 27% Short Sale, 63% Equity.

872 went into Escrow.  20% Bank Owned, 48% Short Sale, 32% Equity.

708 Closed escrow!  28% Bank Owned, 35% Short Sale, 37% Equity.

Last week 147 not short sale, not bank owned homes Expired, or FAILED TO SELL!

Las Vegas Market Stats!

There are ONLY 3878 SFR homes available in Las Vegas/Henderson right now!  Of that, 10% are Bank Owned, 27% are Short Sales, 63% are Equity Owned!

Last Week 958 went into escrow.  Of those, 22% were Bank Owned, 48% were Short Sales and 30% were Equity Owned!

Last Week 622 Closed escrow.  Of those, 30% were Bank Owned, 36% were Short Sales and 34% were Equity Owned.

For those agents who are calling Expireds, last week there were 45 that were not REO's or Short Sales!