A Neighborhood Data API can be a real life saver in this ever-changing real estate environment, especially this year.
With the rise and fall of the economy, gyrations in the stock market, interest rates bouncing around as well as adapting to the needs of the next generation of home buyers, it’s not always easy to predict the best times to buy and sell.
This is so true in 2019, when national forecasts are all over the place on the state of the economy.
However, one thing is for sure: humans will always need a place to live.
And so is another factor – the only things that matters to you and your home buyers and sellers, is your local real estate marketplace.
Neighborhood Data API counters national news
That’s where a Neighborhood Data API (basically a property data feed) for the neighborhoods you are farming is more critical than ever.
Realtor.com’s 2019 national forecast for the real estate market is interesting, but could generate more harm than good among potential clients who don’t know how to interpret the data.
Luckily, you can now have access to local real estate data tools to compare real housing market trends in your area, not nationally, not even on the state level, but on the hyper-local level.
And as we all know, there are gems to be found in any marketplace.
Some of the most interesting and talked about highlights in the 2019 forecast include a 2% decrease in existing home sales, and a 2.2% increase in existing house pricing appreciation.
Another highlight breaks down the generational demographics of homeowners: in 2019, Millennials (ages 23 to 38) will take on 45% of mortgages, compared to just 17% of the baby boomer generation (ages 54 to 70).
Others talked about the potential negative consequences for homeowners of the new tax plan.
That’s all national talk.
Maybe your local marketplace is different. Perhaps the local property data you generated from your Neighborhood Data API indicates an UPSWING in home sales.
Perhaps that increase is not taking place in all your local neighborhoods. Maybe just one in particular.
That’s information can still make a persuasive argument that NOW is the time for a home buyer to make an offer or for owner to finally list their house on the market.
Your real estate data tools can take some of the guesswork away from these “sensational” national headlines by showing the actual trends in your local neighborhoods.
What 2019 buyers are concerned about
The biggest concern for a buyer this year is going to be the increased pocketbook damage – according to the forecast, the mortgage rates will go up and the prices of houses will do the same.
This could make it tough for a first-time buyer to find what they need, or even get the guts to try at all.
However, your local real estate data tools may be able to show them that the number of houses on the market is actually increasing, which means better chances of being able to negotiate a deal thanks to so much competition.
Coincidentally, maybe sellers, especially investors, might be worried about no longer being able to make a profit on a house because buyers have more room to negotiate or go elsewhere.
But the data from your local Neighborhood Data API might show different trends locally.
Again, there are probably going to be some attractive areas. Neighborhoods not affected by national trends. Subdivisions with great schools, parks, transportation hubs that will still be hot.
This data can be a powerful counter-weight to what people are hearing in the national media.
Homeowner concerns about the new tax plan
This April, American taxpayers will be navigating their income taxes under the new tax plan – and the results will definitely vary.
It’s likely to be good news for most renters, with higher deductions and lower rates.
But some homeowners are concerned that the new limits on exemptions will mean a bigger cut sent off to the IRS.
Potential buyers have seen the 2018 decline in house sales due to the new tax plan and may get cold feet themselves.
You will be able to demonstrate which trends are holding steady despite the changes, using your real estate data tools to show the actual deals that buyers are getting in their desired neighborhoods.
Serving the home buying needs of Millennials
Millennials are the Internet generation. They know they can turn on their phones to find instant information to help guide their decision-making process. They know how to search and dig for data online.
These home buyers, aged early twenties through late thirties, will have a high proclivity to search for and analyze housing market data.
Are you going to be THE agent in your area that gives them access to this data?
Providing that real estate data on your website will allow them to compare prices and trends in their local housing markets.
And creates an enormous lead and branding opportunity for you. Plus, trends and charts on changes in local property data make for great posts on social media sites.
Meeting the needs of Millennials online should be your priority for 2019, as they will comprise the biggest segment of home buyers.
And don’t forget the Older Millennials at the end of the spectrum, the prime segment who are now moving up into high-paying jobs and starting families who will be moving up in large numbers to mid-range to high-priced housing options throughout the decade to come.
Adapting to new technology helps provide stability in any industry, and the real estate business is no different.
You need these tools to succeed in 2019.
Give your clients the real scoop WITH REAL FACTS ABOUT THE LOCAL MARKETPLACE.
Show them local sales trends and charts on the direction of prices. Add value to any neighborhood with the latest School Data and School Attendance Zones.
Provide Cost of Living indexes, Neighborhood Demographics and Crime Ratings. Point out Neighborhood Amenities. Use geospatial coding to show them on a map how a new Whole Foods is being built down the street, which is sure to make surrounding properties more valuable.
All you need is a Neighborhood Data API from real estate data providers such as Home Junction, and you can show the bright spots in your area and avoid the hysteria caused by national negative-sounding forecasts.