Tracking real estate prices...

[Hnthrdr]

Not so much the timing, more so to keep an eye on things to make sure we are OK or on track. We have a retirement house and a current house (great financial move ). Proceeds from the sale of the current will be important, so understanding how on track we are is important, but mostly this is academic.

If the market slows with the current house, that may mean working longer. If it stays strong, full speed ahead. The retirement house the market is strong and growing, I'd like to just watch that growth.

That is awesome! Tough to get rentals here in Co, but I have one and will hopefully have another by the end of this year. IMO real property is always a great investment! Good luck with your retirement!

 

[Tod osier]

Hi, Real estate agent here. Zillow is your closest (free of charge, I am sure there are some you could pay for) tool from what it sounds like you are looking for without contacting your local real estate agent. You are right though, in small markets with limited comparable Zillow can be wildly off.

Price per square isn't the best metric to use as it can be very different from house to house depending on a myriad of factors like were mentioned by MattB.

Real estate agents will often do a free market analysis for you on a yearly basis just in the hopes that you will use them to sell or buy in the future.

Another option would learn on Youtube how to look at comparable properties and a market analysis yourself. It's really not super difficult once you know what you are doing and especially with the internet and every sale being easily found on Zillow.

I am not located in WY otherwise I might be of more help in being able to give you some numbers on your properties.

Thanks,

We aren't so hung up on the actual price, but feel pretty good about where we are as far as what we have. We are several years out from a sale, so not looking to bother an agent about actual value of current house.

Price isn't really what I'm looking for, it is more a number that captures how the market is doing. Like I said, maybe that number doesn't exist. I've seen realtors talk about the average price per square foot comparing years within a town, so I was thinking something like that.

 

[Michael Rankin]

Sounds like you may be a fellow worry wort like me!

You are so close, just check Zillow once in a while. 6 months or so before your retirement date star checking with who you are going to list with for a current value.

There really isn’t an added value in watching it constantly between now and 3.5 years from now

Housing has been down, then up, then down, and now up again in my area. So I’m not really sure what added value you get watching all the short term movements up or down. Probably just adding stress.

I think we’re in a pretty volatile economy. Lots of forces that can push stuff different directions.

This is advice from a guy that checks all the stuff you are describing daily to weekly, and I am a lot farther from retirement then you

 

[MattB]

Not so much the timing, more so to keep an eye on things to make sure we are OK or on track. We have a retirement house and a current house (great financial move ). Proceeds from the sale of the current will be important, so understanding how on track we are is important, but mostly this is academic.

If the market slows with the current house, that may mean working longer. If it stays strong, full speed ahead. The retirement house the market is strong and growing, I'd like to just watch that growth.

Given that, if I were you I would research local realtors in your current area and contact one that checks the boxes for your wife and you. Let them know of your plan to sell in ~3 years and ask for them to provide periodic market updates in the interim.

 

[Tod osier]

Given that, if I were you I would research local realtors in your current area and contact one that checks the boxes for your wife and you. Let them know of your plan to sell in ~3 years and ask for them to provide periodic market updates in the interim.

Absolutely could do that, I prefer not to begin that relationship and get on the radar too early. Plus that doesn't get me anything on the other market.

 

[Michael Rankin]

Price trends have been wild in my area.

You can see where I’m at keeping constant tabs on it doesn’t really have any benefit.

It’s a pretty odd time

 

[Tod osier]

Absolutely could do that, I prefer not to begin that relationship and get on the radar too early. Plus that doesn't get me anything on the other market.

One thing I'll add about the just get a realtor thing... This doesn't apply to all realtors (and not to be overly offensive to realtors), but the goals of a realtor and a house buyer/seller are not always perfectly aligned. I would like a number that was a little more objective than what I'll get out of most realtors I've met.

 

[Tod osier]

Price trends have been wild in my area.

You can see where I’m at keeping constant tabs on it doesn’t really have any benefit.

It’s a pretty odd time View attachment 658715

For sure, I'm pretty good with data and taking in the big picture as well as seeing the trends.

 

[The_Jim]

One thing I'll add about the just get a realtor thing... This doesn't apply to all realtors (and not to be overly offensive to realtors), but the goals of a realtor and a house buyer/seller are not always perfectly aligned. I would like a number that was a little more objective than what I'll get out of most realtors I've met.

If you ask a realtor it’s always a good time to buy or sell

 

[5MilesBack]

I know a realtor in Pinedale if you just want to touch base and make a new contact for trying to keep track the market.

With Zillow, I don't know if they're crazy or home sellers are crazy. But around here I'll see the Zillow chart on a property that shows the value being right around $600k, and then the owners list it for $1.5m. SMH

 

[Jimmy]

As a REHABILITATED ex-realtor, I will say that in most areas I've been there are WAY too many realtors, and GOOD ones you have to search for. I've heard realtors lie to their clients faces. I've heard them give inaccurate information. I've seen them cost their clients thousands. It can be a mess.

But... with some of the larger real estate companies, the information they gather and the data that a realtor has access to and filtering options, it's very impressive. I've never been able to find somewhere I can get that detail for free. Details and records that the average public doesnt get. Way better than zillow. Sit down with a good realtor and have him show you whatever you want on his computer, identify what you'd like to get regularly and with just a few clicks he'll have what you want sent to you as often as you want. You don't even have to give them your name. Just the chance that you may use him/her some day is enough for a good realtor to want to assist you. There's probably 1-2 good realtors per office. No more.

The facts don't lie. You can get the numbers on paper without any slant or angle from a good realtor. It's just a report not a sales pitch. You can interpret it however you want.

That's what I'd do anyway, best of luck!

 

[Jimmy]

I know a realtor in Pinedale if you just want to touch base and make a new contact for trying to keep track the market.

With Zillow, I don't know if they're crazy or home sellers are crazy. But around here I'll see the Zillow chart on a property that shows the value being right around $600k, and then the owners list it for $1.5m. SMH

Home sellers are usually a little unrealistic and zillow is notoriously all over the board when it comes to accurate home valuations.

 

[Tod osier]

As a REHABILITATED ex-realtor, I will say that in most areas I've been there are WAY too many realtors, and GOOD ones you have to search for. I've heard realtors lie to their clients faces. I've heard them give inaccurate information. I've seen them cost their clients thousands. It can be a mess.

But... with some of the larger real estate companies, the information they gather and the data that a realtor has access to and filtering options, it's very impressive. I've never been able to find somewhere I can get that detail for free. Details and records that the average public doesnt get. Way better than zillow. Sit down with a good realtor and have him show you whatever you want on his computer, identify what you'd like to get regularly and with just a few clicks he'll have what you want sent to you as often as you want. You don't even have to give them your name. Just the chance that you may use him/her some day is enough for a good realtor to want to assist you. There's probably 1-2 good realtors per office. No more.

The facts don't lie. You can get the numbers on paper without any slant or angle from a good realtor. It's just a report not a sales pitch. You can interpret it however you want.

That's what I'd do anyway, best of luck!

I hear you, I'm suspicious of realtors being naturally cheap and cautious. I know there are great ones and I've worked with 2 that I think are, the others are not so great. It is hard to find a good one. I put up with zero of their BS at this stage in my life.

That proprietary market analysis that you describe above is what I was wondering if was available. I understand why it isn't out there. Thanks for the insight.

 

[Tod osier]

I know a realtor in Pinedale if you just want to touch base and make a new contact for trying to keep track the market.

With Zillow, I don't know if they're crazy or home sellers are crazy. But around here I'll see the Zillow chart on a property that shows the value being right around $600k, and then the owners list it for $1.5m. SMH

Thanks, Pinedale is the one place that we had a great realtor!

 

[ianpadron]

Sounds like you're looking to time the market, not necessarily value your specific property.

For that, you want to look at 3 metrics. Median sales price (not average!), Cumulative Days on Market (CDOM), and Months of Inventory. Ideal time to sell is when sales prices are climbing/peaking, CDOM is at a minimum, and months of inventory is low (sub 3 months in a small market)

Unfortunately local Realtor associations and their MLS don't make these stats readily available in a lot of places. The stats you can see on Zillow, Realtor.com, etc. are typically pretty inaccurate for small markets.

I'd call around and get lined up with a savvy agent that understands analytics and have them do the legwork for you. If you can find an agent that works with investors/developers, you have a pretty good chance they're dialed in, and numbers/results driven instead of chasing listings. You have to remember that the vast majority of agents are part-timers, but the good ones are worth their weight in gold, and can easily get you tee'd up with the goods. If you ask an agent for the 3 metrics above and they don't a) know immediately off the top of their head, or b) send you a data set illustrating them in real-time, move-on.

I pay for all my clients to have access to Homebot.ai so they can track all kinds of metrics, both property specific, AND market wide. It's badass. Might be able to track down an agent with those capabilities if you ask around as well.

 

[CorbLand]

I spoke with my brother and he pretty much echoed what has already been said by others here.

 

[Tod osier]

Sounds like you're looking to time the market, not necessarily value your specific property.

For that, you want to look at 3 metrics. Median sales price (not average!), Cumulative Days on Market (CDOM), and Months of Inventory. Ideal time to sell is when sales prices are climbing/peaking, CDOM is at a minimum, and months of inventory is low (sub 3 months in a small market)

Unfortunately local Realtor associations and their MLS don't make these stats readily available in a lot of places. The stats you can see on Zillow, Realtor.com, etc. are typically pretty inaccurate for small markets.

I'd call around and get lined up with a savvy agent that understands analytics and have them do the legwork for you. If you can find an agent that works with investors/developers, you have a pretty good chance they're dialed in, and numbers/results driven instead of chasing listings. You have to remember that the vast majority of agents are part-timers, but the good ones are worth their weight in gold, and can easily get you tee'd up with the goods. If you ask an agent for the 3 metrics above and they don't a) know immediately off the top of their head, or b) send you a data set illustrating them in real-time, move-on.

I pay for all my clients to have access to Homebot.ai so they can track all kinds of metrics, both property specific, AND market wide. It's badass. Might be able to track down an agent with those capabilities if you ask around as well.

Thanks first of all. Thanks for jumping in, it is always a risk sharing about your profession on forums like this.

Yes and no on the timing the sale. For sure yes to some extent, if we are in an awful slump we may want to push through it and wait for a rebound or rush and accept where we are, having the knowledge helps to make the decision. Also just to be educated, it is hard to find a realtor that you can trust, and you don't really find out if you can trust them until you are in the thick of things or something goes wrong.

A huge part of this is that I don't trust that we can get a great realtor even if we try to get one.

The info on stats is perfect, I appreciate that. The only thing better would be a link that said this is the tool... BUT knowing that the tool isn't generally available is gold. Appreciate it!

 

[Tod osier]

I spoke with my brother and he pretty much echoed what has already been said by others here.

THANKS!

 

[Zimm21]

I'm looking to keep tabs on our local real estate market for a future sale and to keep tabs on another market for a property we own. One of the markets is really small and not many houses sell per year.

Is there a good tool and index that anyone can recommend to track house prices for a zip code or county or town? This is mostly academic, but it would be nice to have a number to track over time. I was thinking of something like price per square foot, but don't really know what is best. Average house price sounds not so great since the one market is so small and a couple expensive houses would screw a whole year up.

Maybe this isn't a great idea, but I like to keep track of the stock market too. It doesn't cause me undue stress when things are bad and I like knowing where things are.

Sounds like something you will have to do yourself with excel or some other software

 

[CorbLand]

THANKS!

I also asked if he knew any good agents in your area, and he didnt but he said he would ask some other guys he works with.