Top 4 Hot Sheet Items to Check for Your Listing Clients
Hot sheet is one term used to describe a report from the Mulitple Listing Service (System) of new or recent activity in the MLS. It normally would show the new listings, status changes, and price changes since the last hot sheet was viewed. Some just show the previous or current day activity.
When you have listings, it's important to watch market activity that relates to your listed properties. Competitive homes or land listings will come on the market, be sold or withdrawn and there will be price changes. On behalf of your sellers, you must be aware of this and advise them about market changes.
There is a definite relationship of selling price to supply and demand in real estate. If new listings come up that are similar and in the same area as yours, it's important to know and evaluate the possible effect of these additional competing properties.
With an increase in inventory, there is more from which the buyer can choose. It could mean that a price decrease is at least open for discussion if several new properties come on the market in competition.
As discussed above, increases or decreases in inventory can influence pricing of competing listings in an area. If the inventory drops for any reason, you may be able to increase your listing's price (or defer dropping it) to reflect fewer homes from which to choose. This might be a tactic in a popular area with fast-moving properties.
Market valuation is an ongoing process and cannot be allowed to stagnate. If there are seven homes in a subdivision for sale, including your listing, and three or four drop their prices significantly, you need to be aware and act accordingly.
When comparable and competing properties in an area are sold, the selling price is a bit of information you want right away. When they turn up on the hot sheet, you may want to bring up your original CMA and make adjustments. There could be a price change in your plan based on the results.
When you have listings, it's important to watch market activity that relates to your listed properties. Competitive homes or land listings will come on the market, be sold or withdrawn and there will be price changes. On behalf of your sellers, you must be aware of this and advise them about market changes.
1. New Listings the Compete with Your Listing
There is a definite relationship of selling price to supply and demand in real estate. If new listings come up that are similar and in the same area as yours, it's important to know and evaluate the possible effect of these additional competing properties.
With an increase in inventory, there is more from which the buyer can choose. It could mean that a price decrease is at least open for discussion if several new properties come on the market in competition.
2. Listings Removed from the Market or Sold
Status changes, such as withdrawn listings, those that go under contract or those that sell could influence the price of your comparable listings also.As discussed above, increases or decreases in inventory can influence pricing of competing listings in an area. If the inventory drops for any reason, you may be able to increase your listing's price (or defer dropping it) to reflect fewer homes from which to choose. This might be a tactic in a popular area with fast-moving properties.
3. Competitive Properties Price Changes
Needless to say, if comparable and competing listings in an area are lowering or raising prices, the real estate agent needs to be aware and advise their listing clients of any required actions on their part.Market valuation is an ongoing process and cannot be allowed to stagnate. If there are seven homes in a subdivision for sale, including your listing, and three or four drop their prices significantly, you need to be aware and act accordingly.
4. Sold Competing Properties Require a New Comparative Market Analysis
When comparable and competing properties in an area are sold, the selling price is a bit of information you want right away. When they turn up on the hot sheet, you may want to bring up your original CMA and make adjustments. There could be a price change in your plan based on the results.
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