Kevin C. Crowell, Broker Associate | Berkshire Hathaway Home Services, KRG Group
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@OPRFRealEstate Blog

3/4/2019 0 Comments

Micro-Marketing Gives Macro Benefits!

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“It’s a buyer’s market!”— Those words strike fear in the heart of all home sellers unless you understand how the laws of supply and demand affect your specific micro-market.

  • Micro-markets have their own supply and demand profile.   Knowing the supply and demand (“absorption rate”) in your particular micro-market will tell you if you’re in a buyer’s or seller’s market.

Your micro-market is the little slice of similar properties within the market for all homes.  At a minimum, micro-markets are defined by location, price, number of bedrooms and bathrooms, square footage, newly built or existing properties, and mortgage type.

Recently I evaluated two homes in two very different micro-markets.


Home #1:  
Micro-market:  Oak Park:  3BR/2BA, traditional mortgage, resale, single-family detached, $273K-$423K, 1001 to 2000 sqft 
Absorption rate:  2.75 months (Seller’s Market)

Home #2:
Micro-market:  Oak Park: 4BR/4BA, traditional mortgage, resale, single-family detached, $450K+, over 3001sqft
Absorption rate:  15.4 months (Buyer’s Market)

Six months is considered to be a balanced market— there are as many buyers as there are sellers.   Less than six months it’s a seller’s market where buyer’s outnumber sellers.  More than six months it’s a buyer’s market where sellers exceed buyers.

How to calculate your absorption rate:  This is where I come in because you need to have access to the Multiple Listing Service to get accurate numbers.


Interested in buying or selling?  Want to make home improvements and need a baseline on your home’s current market value?  Or are you just curious?    For any and all of those reasons I’m happy to help!  

Contact me at KCrowell@KoenigRubloff.com or at (708) 488-9280.

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    Kevin C. Crowell:  #Determined! ​

    For over 25 years I worked at the company I built, successfully selling high-tech products in Japan, the world’s most demanding market. My work there required a: close attention to detail, superior customer service, exacting quality, and continuous improvement. 
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    Working in Japan taught me the importance of target marketing and the value of product differentiation which is essential for standing out in a crowded marketplace.

    To build a thriving business I developed lasting relationships with my clients.  I listened to them.  I asked questions until I could negotiate and effectively communicate their needs to their business partners in a way that would be understood and ultimately accepted. ​

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Buying or selling real estate is usually preceded by a life change.
Because your home is your largest physical asset, selling or buying will be one of the largest, most important, and most emotional, decisions you'll ever make!  I have a good combination of soft and hard skills to help you on your way.

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Telephone

+1 (708) 488-9280

Email

KCrowell@BHHSChicago.com