Ask Your Realtor What's Hot!
Every morning, most active Realtors produce a report from their local Multiple Listing Service (in Tallahassee, ours is the Tallahassee Board of Realtors Multiple Listing Service) in order to find out what is happening.
The name of this report is called "The Hotsheet" and it lets us know what property listings have had certain activities in a specific time period. I like to pull a hotsheet every morning that shows me the previous day's activity.
But I also like to pull a continuous thirty-day hotsheet in order to see what kinds of trends and changes are occurring in the market. This morning's 30-day hotsheet for the Tallahassee real estate market yielded the following information:
- New Listings in the Tallahassee real estate market: 546
- Price Changes in the Tallahassee real estate market: 594
- New Sales in the Tallahassee real estate market: 199
- Expired (failed to sell) Listings in the Tallahassee real estate market: 90
- New Pending Sales in the Tallahassee real estate market:335
These are fairly good numbers, but standing alone (without any history), they do not say a whole lot.
546 new homes hit the market and only 199 left as sales (36%). Obviously, I'd like to see a higher ratio than that.
There are many valuable pieces of information on the one-day hotsheet that when charted over time, yield some very important information. We publish much of this in our one-page weekly special report, which you can receive for free in conjunction with the Tallahassee Real Estate Newsletter. Stay informed, nothing could be easier.
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Joe, this is an informative post...I like the hotsheet concept. Now, the liquidity crunch in the market is something which any RE investor/buyer has to keep in mind. Despite Bush denying any Recession, I think cash is a better choice at least for quarter more for first time home owners. But RE investors can take positions...if they have surplus cash, that is.
Thanks for the input Market Frog. I personally think the purchaser for occupancy cannot afford to wait (unless they are paying cash). If they are borrowing money for the purchase, I'm concerned that interest rates are going to go significantly higher in the future. This means that even if prices go down, they monthly payments that they will be making will be much higher. If they are buying for the long-term, I suspect now is a great buying opportunity. If they plan on moving in the next two years, then I agree with your assessment.
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