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Old 01-19-2010, 06:36 PM
 
624 posts, read 987,541 times
Reputation: 200

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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.
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Old 01-19-2010, 07:40 PM
 
Location: Salem, OR
14,940 posts, read 36,712,296 times
Reputation: 15368
Take a statistics class. Running the data is one thing, but you have to know what the data means.
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Old 01-19-2010, 09:43 PM
 
Location: Columbia, SC
10,159 posts, read 19,875,649 times
Reputation: 8839
Your BIC.
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Old 01-20-2010, 08:19 AM
 
624 posts, read 987,541 times
Reputation: 200
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?
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Old 01-20-2010, 08:39 AM
 
Location: Cary, NC
38,821 posts, read 67,207,625 times
Reputation: 39584
Quote:
Originally Posted by BigV View Post
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
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Old 01-20-2010, 03:49 PM
 
Location: Columbia, SC
10,159 posts, read 19,875,649 times
Reputation: 8839
Quote:
Originally Posted by MikeJaquish View Post
BIC means Broker In Charge
Yes, and if they can't help you find a new one.
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Old 01-20-2010, 09:17 PM
 
10,282 posts, read 10,344,676 times
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Quote:
Originally Posted by Brandon Hoffman View Post
Yes, and if they can't help you find a new one.
He's not an agent but a wannabe flipper.
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Old 01-21-2010, 06:27 AM
 
624 posts, read 987,541 times
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Quote:
Originally Posted by Chuckity View Post
He's not an agent but a wannabe flipper.
Actually, I'm an agent also, but very part time at the moment.
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Old 01-21-2010, 09:11 AM
 
Location: Central Texas
20,816 posts, read 41,091,523 times
Reputation: 24410
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.
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Old 01-21-2010, 11:22 AM
 
Location: Lead/Deadwood, SD
948 posts, read 2,583,168 times
Reputation: 855
Quote:
Originally Posted by BigV View Post

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.
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