Property Data Providers are Allies When Markets Change
Property data providers such as Home Junction can help brokers and agents during periods when there are major changes in the local real estate marketplace. One thing we do know on a consistent basis… is that conditions never stay consistent. Market dynamics will change from time to time. Sometimes the changes are minor. Sometimes they are drastic (such as conditions created by COVID-19).
But one factor we also know is that Americans still need to buy and sell homes. People who retire want to move out of their homes and relocate. People change jobs. Renters want to own property. People want second vacation homes (or, they need to unload those second homes). Investors still want to buy rental properties.
One item that can really help during uncertain times is up to date and accurate real estate market data.
When changes are drastic, there is no lack of speculation circulating out there. Where is the market going? What will it be like in three months or six months? Is this a good time to buy or sell? What’s available for sale?
Even while some economic indicators, such as the stock market, interest rates or unemployment point in one direction (or several directions); a certain segment wants to know what is the status of the real estate market. (And as we know, these indicators aren’t always in alignment). People want to know not only what is taking place in real estate on a national scale, but more importantly, what is occurring in their neighborhood and local markets?
Not every market is the same. One county might see volatile change; another county a few states or even miles away might not see any changes at all. This is where property data providers such as Home Junction can help brokers and agents provide the information that helps consumers make informed decisions.
Facts can help overcome uncertainty. Data can help buyers and sellers get a clearer picture of what is taking place right now. Not across all of America. But where they are specifically located or where they want to relocate. That is incredibly valuable. And comforting to a consumer.
A Snapshot of What’s Taking Place at the Moment
A recent survey at the beginning of April by the National Association of Realtors found a large majority of agents report activity has slowed down drastically.
“The housing market is going to be stalled for the spring,” predicted Jessica Lautz, NAR vice president of research. “Buyers and sellers are not necessarily buying and purchasing right now unless they have to. They’re delaying the process for a couple of months.”
That’s understandable. Many potential sellers don’t want open houses and are reluctant to have people walking through their homes. Retirees up north are deciding to stay put for a little while longer. Some people are having difficulty obtaining mortgages.
However, as we know, many people expect economic conditions to begin improving soon. And they are also predicting that when they do, there will actually be a large surge in activity. All that pent-up business that was postponed and delayed might suddenly hit the market all at once.
The real estate forecast is no different.
“Realtors do expect there will be a rebound,” says Lautz. “We’re going to see demand coming out of this.”
Property Data Providers can Offer Hyper-Local Insights
These are times when real estate market information provided by national property data providers can be super important. For example, consider these three data offerings:
- Trends in home prices
- Instant home value estimator APIs
- Number of recent home sales
Property data providers such as Home Junction gather data nationwide from a variety of sources to compile this information. They provide local brokers and agents with software that enables them to tap into this gigantic database of current statistics for the local markets they serve. This is not just county or city data. Its data parsed all the way down to the neighborhood or subdivision level.
Think how valuable it will be to provide consumers a chart showing where home prices are heading… every month. Perhaps prices are holding steady. Maybe they are dropping and it’s time for renters to make a move. When real estate market conditions change, things happen.
For example, many experts say that some owners of second homes, vacation homes, or rental homes, might decide they need to cut back on expenses. Those homes are the most likely to come on the market during volatile times. Since inventory is tight, and there is still a huge number of Millennials out there looking to purchase, that will create activity even during a slowdown.
Pricing charts, with monthly updates, can also be an indicator of changes.
Another valuable tool is a home value estimator API. This software (an API means “Applied Programming Interface” which is basically a snippet of software code) can easily be integrated into an agent’s website. The home value estimator API provides instant, machine-generated property value estimates.
But now, thanks to advances in technology, local brokers and agents can also offer this same valuable feature on their own local websites. They can provide local consumers with answers to this very popular question: “What is that property worth?”
Again, property data providers such as Home Junction do all the work. Their data experts calculate these estimates based on the large amount of relevant data points they aggregate. That information includes public records, tax assessments, recent homes sales, property attributes, and a number of other factors.
All the agent has to do is add the software to their website (which technology companies such as Home Junction will help them do).
Instantly, that agent now has the ability to offer quick home value estimates. Now while these estimates are not as formal as a CMA or an Appraisal, they can help give homeowners and buyers an idea on where the market is heading. Not on the national level, but on the community level. Right down to the street in that neighborhood. Consumers can see if prices are changing. They can see estimates for other homes in that area. They can compare how prices might have changed in the past few months.
With Home Junction, there is also a ranking feature which shows how a particular property ranks in their area for price, square footage, price per square foot, and age of the property. For example, a home that is 2,800 sq. ft. might be in the upper 10% in that area for property size compared to other homes. A very important piece of data to know.
This is valuable information in challenging times. This is the type of information that a consumer wants to see from a local broker or agent. These are the types of features agents can promote on their social media platforms, in email campaigns and through direct mail. All indications from experts, including the NAR’s researcher listed above, point to a rebound in the housing market.
Distribute this valuable data to attract prospects. Contact a property data provider such as Home Junction so you have the ability to provide in-depth and current market intelligence to open a dialogue with both buyers and sellers NOW for when those conditions do start to turn upward.
