Intro To Market Snapshot Tool
Market Snapshot Tool for Buyers & Sellers
The Market Snapshot tool is available on any of my websites, and is an invaluable resource for sellers. With the Market Snapshot you will be able to view comparable sales, time on market, and market trends all presented in an easy to understand format.
Where is the home and market information for this Market Snapshot collected from?
The information comes from the local Multiple Listings Service (MLS) database, your area's primary source of real estate listing, transaction and market data. The complete MLS database is only accessible to real estate professionals.
Unlike other sources (like Public Records, which only provide data on Sold Homes), the MLS provides detailed information on homes that have sold, homes currently for sale, homes under contract but not yet closed (pending sales), and homes that didn't sell (cancelled or expired listings).
Additionally, the MLS offers analysis of various market trends. So you can be sure that the home and market information I provide to you is the most comprehensive, accurate and up-to-date available.
How does this Market Snapshot compare to other home evaluation services?
Other services may provide a generalized, estimated market evaluation of an average home that has the same basic characteristics as your home. However, such an estimate is only one of many pieces of information you'll need to make the most informed decisions you can when selling your home. Real-Time Market Snapshots also include graphical analysis of important market trends that will place your home evaluation into perspective. These Snapshots give you:
• Real-time data on homes similar to yours in your area that have recently sold or are currently for sale
• How long specific homes were on the market before they sold, as well as time-on-the-market averages for your area
• Volume comparisons of recent sales, new listings and total listings
• Percentages comparison of asking price to selling price for recent sales
• Average, median and high/low prices for homes that have recently sold or are currently for sale This additional information is crucial in helping to price, position and market your home so that you get top dollar when you sell.
What information do the Market Snapshot maps and graphs include?
The View It feature depicts the relative position of 10 of the closest sold and currently for sale homes in your area that are similar to your home in terms of price, size, number of bedrooms and bathrooms, etc. You can set this feature to represent your area as a map, an aerial photo or a combination of the two. Depending on the main menu tab you select, the Visualize It feature provides you with graphical analysis of various market trends.
By clicking the Prices tab you can view the following two graphs:
• Asking Prices and Sold Prices
• Asking Price vs. Selling Price By clicking the Selling Times tab you can view the following two graphs:
• Time on Market: For Sale & Recently Sold
• Number of Homes for Sale vs. Recently Sold Once you have clicked the desired tab, select the time frame that you want market analysis for by clicking the corresponding radio button --This Week, Last 30 Days or Last 3 Months -- from the main menu.
How are the numbers calculated in the "Summary of All Properties" table?
At the top of the Market Snapshot for both the Prices and Selling Times pages, a Summary table is displayed describing the number and price of any properties that were active or sold during the date range selected (Last 3 Months, Last 30 Days, This Week).
From the listings retrieved from the MLS, the following numbers are calculated and displayed in the table:
1. Total number of properties that were listed or active at any time during the date range of the Market Snapshot.
2. Average list price of those listed properties
3. Total number of properties sold in the selected date range
4. Average price those properties sold for. When you change the date range of the Market Snapshot, these numbers will likely change as fewer properties are probably active or sold “This Week” than in the “Last 3 Months”.
How is the market information in the Market Snapshot relevant to me and my home?
In many ways! Under the Prices tab, the Asking Prices and Sold Prices graph depicts the average price and the high/low price of homes for sale in your area that are similar to yours. The graph also depicts the selling price of homes similar to yours that have recently sold. This graph gives you a general indication of what the prices of homes like yours have been doing in the time frame you selected.
Accompanying this graph is the Asking Price vs. Selling Price graph, which compares the prices that sellers originally ask for their homes with the prices they actually get when their homes sell. Note that if the selling price is equal to or more than the asking price, then you might be in a sellers' market and it will generally be easier to sell your home for the price you ask.
If the selling price is considerably less than the asking price, then you might be in a buyers' market and it will generally be more difficult to sell your home for the price you ask.
Under the Selling Times tab, the Time on Market: For Sale & Recently Sold graph depicts the average number of days that homes similar to yours were on the market before they sold. The graph also depicts both the most and least number of days that homes similar to yours were on the market before they sold.
Note that the lower the average days-on-the-market, the more it is a sellers' market and it will generally be easier to sell your home for the price you ask. The greater the average days-on-the-market, the more it is a buyers' market and it will generally be more difficult to sell your home for the price you ask.
Accompanying this graph is the Number of Homes for Sale vs. Recently Sold graph which compares the number of homes similar to yours that have recently been put up for sale, the number that have recently sold and the total number of homes for sale. Note that if recent sales considerably outnumber recent listings you could be in a sellers' market and if recent listings considerably outnumber recent sales you could be in a buyers' market.
What is my next step if I am considering selling my home?
The information provided here is meant to give you a general picture of what the real estate market is doing in your area. If you'd like more detailed market information and my analysis of it, or if you'd like a very precise evaluation of your home's current market value, please contact me.
Additionally, if you'd like to know how you can get the highest possible price for your home when you decide to sell, or if you have any real estate related questions at all, I'd be happy to help you.