In the real estate world, transactions can take several months to come together. There is a shopping period, which is, at minimum, a few months even if a client has thought through the main parameters of their search like price points and physical attributes of the home. Then there is the waiting time for a seller with a home with just the right combination of features to put it on the market. If the first bid process is successful, the next delay is from time of signing the contract and doing a house inspection to closing. This is typically six weeks give or take.
It is not until a property closes, with a seller signing over a warranty deed and a buyer handing over a bag of cash, does the information about the transaction get revealed to the market at large. So the lague time from shopping for a home to having access the sales prices of similar properties is often half a year.
Agents that work with a large broker have the advantage of gather in meetings such as the one in the photo. Here people discuss in general terms the feel of the market. It’s useful to sense who has the upper hand in what sub-markets through antidotal evidence. Although specifics are never given out the tempo and general pace of activity is helpful.
Home Economics 