Reading the current market

4 Replies

There are so many questions on where the market is and what direction it is heading. Whether a crash is coming or not and when.

My question is how does one read the market and where do you source factual information?

Where do you find the info both local and national for:

•Existing home sales

•New home sales

•Average prices of homes sold

•Days on market

•Interest rates

•Any any other useful info

Which of these metrics are most important to you when trying to figure out where we will be in 3 months, 6 months and next year.

we get these weekly from our title companies   this is very accurate data and in real time.   

I have a 90 home community starting in this city in 2 weeks  IE break ground for the streets and roads etc.

so we like to keep a close eye on it.. then I know also what my competition is doing  IE Lennar and another larger regional builder.. 

If your in NY I suspect you are regulated to having to use attorneys for closings I would see if the attorney has a customer service department like our title and escrow companies and if they compile this data for the local builders and developers and real estate folks.

We get it for free and so do all the realtors in our market. beats any national type of data system.

@jay hinrichs

Yes we have attorneys handle our contracts and closing but also title companies for providing a clear title. 

It would be great to have access to the kind of stats you are getting.

What would be one item you would see that would be  alarming to you?

@Erik B. Every once in a while the people who write private mortgage insurance will issue a report saying which markets they think are over priced. I figure they need to know to assess risk and stay in business. My market has been considered overpriced for years and I just expect it to plateau at some point because jobs are still created.