This guy asked me, "how's the market?"... Is that a trick question?

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Real Estate Agent with Chris Alston (Keller Williams Realty, Cupertino California) 01338415

Understanding the market

So many ways to get the news nowadays...  The internet, twitter, facebook, foursquare, LinkedIn, ActiveRain, Fox News, CNN, MSNBC, Apple & Droid apps, newsmags, etc...  The list can go on and on and on...  Seems like everyone is an expert these days.

We can search Google for anything we want, and get instant gratification to our endeavors.  Maybe even read incorrect news, but from what we thought was legitimate...  Thus leading to a skewed understanding of the real stuff that is actually out there.

Economists interpret national stuff, and our clients view this as local stuff...

So, if someone asks us, "how's the market"...  Be prepared for the rebuttal to your answer.  Since they may think THEY are experts, and may challenge your response.

So my advice?  Say this, "That is a great question, are you considering buying or selling right now" Then see how the conversation will go from there.

Never get into trying to quantify the actual market, because you may actually loose in their minds.  (remember, they are reading and reading, and may THINK they know more than you do)  Instead talk about what the market looks like for them in their particular situation.  Say they need to sell, help them understand what it will take to get their home sold in this market.  Say they want to buy, show them the advantages of buying in this market.

Now, I am not an economist but I do track stats daily.  Even with that knowledge, I try to stay out of interpreting the national economists.  Instead, I stick to what I do know...  The local market.

What do you do in this type of situation?  I would love to hear all ideas! 

:)  -Chris

Posted by

 

Chris Alston

 

Home sales and purchasing specialist

Keller Williams Realty, Cupertino

19400 Stevens Creek Blvd, Suite #200

Cupertino, CA 95014

408-850-6955

408-850-6956 fax

calston@kw.com

www.LivePlaySiliconValley.com

 

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Rainmaker
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Angela Bond
Keller Williams Realty - Los Angeles, CA
Los Angeles Real Estate | 310 666 5052

I saw Gary Keller speak at Family Reunion in New Orleans and he recommended the same approach that you use.  I've since adopted it myself and find that it's a very simple way to get chatting with people because there is always a reason why they're asking.  I use real scenarios to illustrate my point when it comes to the local market and then let them make up their own minds.

Dec 07, 2010 01:40 PM #1
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Great point!  And great to see that it is working for you.  :)  (I guess that GK guys knows his stuff!...)

Dec 07, 2010 01:42 PM #2
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Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Chris those are great responses to the question "how's the market."  It puts the ball back in their court and avoids confrontation.

Dec 07, 2010 01:46 PM #3
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Charita - Sooo true!!  :)

Dec 07, 2010 01:49 PM #4
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Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Chris, Typically, I'll talk to the LOCAL market as I'm experiencing it...sales are up (or down), showings are up (or down), but with a qualifier that it depends on what's being offered, the condition, price, etc. and work that towards their individual needs.

Dec 07, 2010 01:53 PM #5
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Laura S. Baker
First Weber Group - Lake Mills, WI
Realtor, (920) 728-4118, First Weber Group

Excellent approach Chris, or should I say response?  Either way, very good! 

Dec 07, 2010 01:58 PM #6
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Great point, and way to go about it BLiz!

Dec 07, 2010 03:19 PM #7
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Thanks Laura!

Dec 07, 2010 03:19 PM #8
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Cindy Marchant
Keller Williams Indy NE 317-290-7775 www.marchantteam.com - Carmel, IN
"Cindy in Indy" , Realtor, Fishers Real Estate

I say, "it is UNBELIVABLE!" with enthusiam!

They can take that however they want.

Cindy in Indy   

Dec 07, 2010 05:12 PM #9
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Awesome Cindy!!!!!  :)

Dec 07, 2010 05:31 PM #10
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Dawn A Fabiszak
Keller Williams Real Estate ( Denver metro area, Colorado - Aurora, CO
The Dawn of a New Real Estate Experience!

Chris ~ I always start out with "if you are paying attention to the news, they lump everything going on nationally into one view point."  But I like your approach to the topic better.

Dec 07, 2010 06:28 PM #11
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Dawn - But your way is good too!!!!  :) 

Dec 07, 2010 06:29 PM #12
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Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Great post Chris!

Dec 07, 2010 07:00 PM #13
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Thansk Joshua!

Dec 07, 2010 09:27 PM #14
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Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

I try to answer "That all depends. Are you looking to buy or sell?" Gets the ball rolling. We're saying the exact same thing either way. Thanks, Chris!

Dec 08, 2010 12:57 PM #15
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Eric - Great way to respond to that!  :)

Dec 08, 2010 01:06 PM #16
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Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

You are right, 90% of the time it is a very loaded question, that is for sure. You questioning them if they are planning to buy or sell is a great one because your answer really depends on how they answer you.

Dec 11, 2010 02:33 AM #17
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

So true Todd, so true!

Dec 14, 2010 12:25 AM #18
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