The Rocket HomesSM Neighborhood Trend Report: A Helpful Tool For Buyers And Sellers
Lauren Nowacki5-Minute Read
October 28, 2021
With Rocket Homes Real Estate LLC’s Neighborhood Trend Report, you can find the data you need to make informed real estate decisions – all in one place, right at your fingertips. Launched in December 2019, the trend report provides insight into your local housing market and helps people determine whether it’s the right time to sell or buy a home. If you’re interested in making a move or seeing where your home stands in the market today, read on to learn more about the trend report and how it can benefit you.
What Is The Rocket Homes Neighborhood Trend Report?
The Rocket Homes Neighborhood Trend Report is a hub for real-time and historical housing market information for specific neighborhoods, cities, ZIP codes or counties. The easy-to-read format provides customized information on the type of market, the median sale price and homes for sale in your current or desired location. The information is broken into different sections with key takeaways that help buyers and sellers learn more about the area to make informed decisions based on their goals.
If You’re Buying A Home
A home is more than a place to live and build memories; it’s also an investment. When you’re making one of the biggest purchases of your life, you want to make sure that investment is a good one. The Neighborhood Trend Report will help you determine how much to offer on a home and predict whether you’ll see a return on investment in the future. This information can also help you understand what to expect in terms of how many homes are available in the area, how much they’re selling for and how much competition there will be among other buyers.
If You’re Selling A Home
Selling a home is an important decision and a big financial transaction. The money you make from the sale of your home can allow you to purchase a home with a larger down payment and help set you up for financial success. That’s why it’s important to know when it’s a good time to put your house on the market and how much you should ask for it. The trend report provides this information and more. From the results of the report, you’ll be able to predict whether your home will be sold above or below the asking price and estimate how long it will be on the market.
If You’re Staying In Your Home
If you plan on staying in your current home for a while, this report can keep you informed on local market conditions, help you make future housing market predictions, and ensure your home remains a good investment. While you may not be ready to move now, you may want to later. Staying on top of the market now will better prepare you for a potential move.
What’s Included In The Neighborhood Trend Report
There are four main sections of the report. Each answers a different question. Let’s take a closer look at the information each section provides.
Is It A Buyer’s Or Seller’s Market?
In this section, you’ll learn more about the area’s market conditions in general. It will tell you if it’s a buyer’s market, seller’s market or neutral market. This information provides a ton of insight in a simple format that’s easy to understand.
- Seller’s market: In this case, there are more buyers than there are homes on the market and it’s a good time to sell your home. Sellers may have an easier time selling their homes quickly and at a higher price. Buyers, on the other hand, will have more competition among other buyers since the supply is low. They’ll most likely need to act fast when making an offer in a seller’s market and expect to offer at or above the asking price.
- Buyer’s market: In this situation, there are more homes for sale than buyers. Homes are staying on the market longer, which means buyers may be able to purchase a home for a good price. With a more plentiful pool of homes to choose from and little competition, buyers can take more time to find their home and make a lower offer. Sellers are the ones competing in this type of market, so they’ll have to price competitively and may have to accept an offer at or below the asking price.
- Neutral market: It is a stalemate. The number of buyers and homes for sale is pretty even. Sellers should expect their home to stay on the market for the average length of time for the area. Sale prices will stay around the average as well.
How Much Do Homes In The Area Cost?
This section provides the median price for all of the homes sold in the area in the last 12 months and how much that price hasincreased or decreased from the previous year. This information can help you predict what may happen in the coming year. If prices are trending upward, sellers may want to hold off putting their home on the market a little longer, while buyers may want to purchase sooner than later.
You’ll also be able to get a better idea of where your home lies on the price scale by viewing the homes that sold for the least expensive, most expensive and nearest to the median price, and then comparing them to yours. Since the number of bedrooms and exact location have a big impact on the sale price, you’ll also be able to see the median sold price broken down by the number of bedrooms and the nearest major city. This special feature gives you a more comprehensive understanding of your home’s value. It’s like a mini comparative market analysis at your fingertips – without any extensive research required on your part.
How Many Homes Are Available In The Area?
When you want to prepare for your buying or selling experience, this section can tell you in more detail what to expect in terms of competition, offers and sale time. Sellers can set a more competitive price, determine what offers to accept or counter and predict a longer or shorter time on the market. Buyers can determine what kind of offer to make and figure out if they’ll need to act fast when making it.
In this section, you can drill down to specific market conditions, like the number of homes that are for sale in the area. To give you an even more detailed view, you can view how many homes are for sale by the specific number of bedrooms. This feature is especially useful when you’re trying to interpret how competitive the market is for your specific home. You’ll be able to see how many homes in the area were sold above, at and below asking price and the average number of days they took to sell. You can also view a breakdown of how many homes were sold in under 30 days, between 30 and 90 days or over 90 days.
What Homes Are Currently For Sale In The Area?
This section provides quick details and links to listings that just hit the market in the specific area you’re searching. This is a great place for sellers to view their competition and compare their homes to others selling in a similar price range. Buyers shopping for homes in the area can easily view the newest houses for sale and get more information on the ones they love.
The Bottom Line: The Neighborhood Trend Report Puts Resources At Your Fingertips
The Neighborhood Trend Report is a valuable tool for buyers and sellers alike, but an even more powerful resource is a real estate agent who can provide the professional experience and human touch to your sale. Our agents are local experts who can best interpret the Neighborhood Trend Report and provide even more market knowledge of your area. Connect with a Rocket Homes agent today to get the most out of your home buying or selling experience.
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