A Glance At Short Sale And Real Estate Data

Short Sale Shift

Statistics are essential in the real estate industry because they can give you an accurate picture of the present real estate market. Even with the negative things in the news daily, it’s hard to recognize precisely what is happening in your area.

The data are critical so that we, as real estate specialists, can tell the purchasers and sellers that we deal with what could potentialy occur in the real estate market. Minneapolis statistics are actually very similar to nationwide figures. As in most markets, the tax credit that just expired has radically impacted the real estate market. The week that the tax credit expired, our local market saw around 1500 houses sold with the weeks prior to that averaging around 1200 homes sold. To put that number into perspective, over time the average properties sold in the Minneapolis market per week is approximately 1000. Yet, with the tax credit now expired, weekly numbers have dipped to approximately 650 properties sold per week.

As the purchasers are lessening each week and fresh listings continue to come on the market, things will almost certainly get tougher for sellers. We think that it is a excellent time to acquire a property. While there are a lot of worries with the market right now, interest rates are at an all-time low and house prices are lower than they have been in decades. The affordability index in the Minneapolis vicinity is currently at 200%. That means, based on the median income in the Minneapolis neighborhood and current property prices, most people can afford to acquire two houses!

We are very much in support of buying in this market. The homes per buyer last year at this time was 5 to 1. Basically, for each buyer looking for a house, there were five homes on the market. This year, currently, that ration is 8 to 1.

Regardless of your position, be proactive approximately this process. Waiting to sell your home will only extend the problem and waiting to buy a house could cost you more money in the future.

Minnesota Short Sale Shift can answer your questions. We are Minnesota’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota

Free Property Reports

Before you buy into a suburb, it’s a good idea to get information on the basic demographics of the area – age of households, number of occupants, schools, income, occupations, etc.  As well as the median property price trends for houses and units in that suburb. You don’t want to buy in a declining suburb!

There are various Australian Real Estate Portals and Companies that give this type of information away for free, some more easily found than others.

Here is a quick run down of some of the more interesting & useful resouces:

MYRP.com.au - Free Suburb Profile Reports

Just put in your post code and your email address, and you get emailed the information in a simple report format. Handy for you to send on to others for review and also to print out and save for future reference.  RP Data collects information from government and real estate agencies and has the most up to date data on property sales history, prices, demographics, etc.

RealEstate.com.au

Demographic data is not as strong in these reports but it does nicely present average sale prices for houses and units.

This requires a bit more work to access the data and it’s not in a nice downloadable report format. That said though, the data is very useful and interesting.  Go to this page: http://www.rs.realestate.com.au/cgi-bin/rsearch?a=sp and select the state you are interested in. Scroll down the long list of suburbs, and then you will see up to 12 months worth of data detailing the average house prices, and unit prices, for that suburb.  Once again, the data is supplied by RP Data though, so it won’t be that different to what you will find in the emailed report directly from the source.  What is interesting though, is that at the very bottom of the page, you can see actual properties in that suburb that have sold recently, and most often, the information includes sale price. Click on the links to view the individual properties, to see what standard they were relative to the price they sold for, check out street locations, etc.  Handy.

OntheHouse.com.au

Is an upcoming site that predominantly focuses on QLD house price data, but is still worthwhile to view.  Data for consumers is generally free and they have an interesting array of reports available. Definitely worth a look and they are planning to expand to address more of Australia very soon. In fact, they probably already have by the time you read this.  Again, predominately sourced from government agencies and real estate agents direct, so the data is fairly accurate. That said, they do not have the volume of agents that realestate.com.au and RPData.com have access to.