how to mine MLS data? (agents, seller, broker, buyers)

[BigV]

I'm in Chicago market. Have not really been active in the RE (as I have a full time non-RE job) mostly helping my friends and family. I'd like to get into the RE business and want to know how to spot market trends.

So, i'd like to know what kind of searches you all are performing to spot the trends?

Thanks.

[Silverfall]

Take a statistics class. Running the data is one thing, but you have to know what the data means.

[Brandon Hoffman]

Your BIC.

[BigV]

Is there a book that I can read on it?

It seems pretty straight forward. Take the data from last year and compare the same data to this year. Besides, I'm not looking to forecast trends, just to observe what's moving faster than others.

Perhaps a simple search would be to pick an area near me, and see the properties that closed with total Days on market under 40 days (as an example). And then see whether there is an area where such properties are concentrated.

Any agents doing something similar to this?

Also, Brandon, what's BIC?

[MikeJaquish]

Originally Posted by BigV

Is there a book that I can read on it?

It seems pretty straight forward. Take the data from last year and compare the same data to this year. Besides, I'm not looking to forecast trends, just to observe what's moving faster than others.

Perhaps a simple search would be to pick an area near me, and see the properties that closed with total Days on market under 40 days (as an example). And then see whether there is an area where such properties are concentrated.

Any agents doing something similar to this?

Also, Brandon, what's BIC?

BIC means Broker In Charge

[Brandon Hoffman]

Originally Posted by MikeJaquish

BIC means Broker In Charge

Yes, and if they can't help you find a new one.

[Chuckity]

Originally Posted by Brandon Hoffman

Yes, and if they can't help you find a new one.

He's not an agent but a wannabe flipper.

[BigV]

Originally Posted by Chuckity

He's not an agent but a wannabe flipper.

Actually, I'm an agent also, but very part time at the moment.

[TexasHorseLady]

Do you not have to hang your license with a broker where you are? If you do, then they should be supporting you in/helping you with this.

[eric#1]

Originally Posted by BigV

It seems pretty straight forward. Take the data from last year and compare the same data to this year.

Any agents doing something similar to this?

The answer to your question is in your post.
Answer to your last question is every time I list a new property I do research for a previous year vs. most current comps to give seller a picture of the direction buyers were most recently heading so they understand the cost of overpricing.