The housing market pretty much sucked this year for so many real estate professionals. Look, it’s easy to feel like God’s gift to real estate when business is flying off the shelves, but it’s tough when the transaction faucet gets turned off. The truth is everyone feels like an expert when things are good, but true expertise shows up when things aren’t so good. On that note, as we look to 2024, it’s going to be an opportunity to flex market knowledge, find creative ways to get deals done, and stand out as an expert.
UPCOMING (PUBLIC) SPEAKING GIGS:
01/12/24 Prime Real Estate (private event (I think))
01/17/24 Gateway Event (private)
01/31/24 Joel Wright & Mike Gobbi Event 9am (on Zoom here)
2/09/24 PCAR WCR Event (details TBA)
2/13/24 Downtown Regional MLS Meeting 9am
3/11/24 Yolo Association of Realtors (YAR only)
4/11/24 Lindsay Carlisle Event (private)
4/25/24 HomeSmart iCare Realty (details TBA)
MY ENCOURAGEMENT FOR 2024
UPPING YOUR DATA GAME IN 2024
Speaking of expertise, I made a free spreadsheet below as something that could help up your data game in 2024. Maybe spend some time figuring it out over the next couple of weeks. I’d love for you to take it for a test drive. But no matter what, I hope you are filled with optimism and drive for 2024.
SEEING THE EFFECT OF 8% RATES IN THE SALES
I’m not doing a big market update this month, but two quick things. First, we had a lackluster month of sales in November, and that’s due to lackluster pendings from when rates were closer to 8%. This reminds us how sensitive buyers are to rates. Secondly, I now have a stats tab on the navigation bar where I’ll post visuals every month to show eight counties.
LOOK MOM, I CREATED A SPREADSHEET
I made a free spreadsheet to download data from MLS to make graphs. I did something like this a few years ago, but I think this one is better. Anyway, the goal is to get more visual so we can see trends, explain the market, and maybe have some stuff to share on socials. Download spreadsheet HERE.
VIDEO TUTORIAL
Watch below or here. This is over forty minutes, but it’s because I have three examples. Skip around sections if you wish.
Intro: 0:00
The types of graphs: 1:42
How to create export: 10:10
Example 1: 13:48
Example 2: 24:42
Example 3: 36:28
Closing Graph Tips: 39:44
WHAT TYPES OF GRAPHS WILL THIS MAKE?
Here are some examples. Remember, not all graphs are going to be meaningful every time you do this. And it’s only as good as the data input, right? The goal is to look at visuals on a neighborhood level – not just the county.
STEPS TO USE THE TEMPLATE:
1) Download the spreadsheet here.
2) Decide what data you want to show. It’s up to you.
3) Create a custom export in MLS (see video).
4) Paste data from MLS into the template (see video).
5) Edit graphs as needed
6) Share graphs on social media, newsletters, etc…
LEARNING CURVE
There is a learning curve here, but this is highly doable. It transformed my real estate career when I started getting more visual, and I hope some will have a similar experience. You don’t have to be an Excel nerd to get this either. And if you don’t want to use my spreadsheet, just learn how to make a custom export so you can start looking at data more specifically in neighborhoods. You can easily export neighborhood data into an Excel file so you can just quickly see whatever you want (maybe similar to my export or other stuff that might be important to you).
ORDER OF CUSTOM EXPORT:
1) Address – Full
2) Close Date
3) Close Price
4) Approx SqFt
5) CDOM
6) Bedrooms
7) Bathrooms
8) Lot Size – Acres
9) Price Per SqFt
10) Year Built
11) Original Price
12) Concessions Amount
13) Number of Offers (don’t worry if you don’t have this field)
FEEDBACK IS WELCOME
I made a neighborhood template three years ago, but I really only liked a couple of the graphs. In this version, I’m definitely using more of the graphs for my appraisals. I’m not crazy about everything, but it’s a work in progress. If you give me feedback, I can maybe change some things in a few months to keep making this better. Let me know what you think.
CLOSING TIPS (SUPER IMPORTANT):
- I suggest putting your website on each graph at the bottom
- You are in charge, so you have to figure out if there is enough information to be credible. Don’t share if it’s confusing or not credible.
- You need enough data to be meaningful, but multiple years is going to be weird since prices have changed so much. So, not too much. Not too little. Try 3-6 months to start. Or maybe try year-to-date at most.
- The spreadsheet will hold 2,500 sales (or more if you change it). That’s probably WAY too much. Just wanted you to know.
- Maybe try this by neighborhood, ZIP code, all FHA, all cash, above $1M in Placer, etc…
- Sometimes the trendlines can get wonky, and if the trendline isn’t resembling what it looks like the market is doing, you might have to click on it to change it. Or delete it if you can’t get it to behave.
- I suggest you customize each graph to say “past 90 days” or whatever you think is going to help tell the story well. Or maybe you do a monthly neighborhood update, so the only thing you have to change is the listed month (and maybe x-axis and y-axis if prices have changed).
- I typically only include single family detached units instead of condos because condos tend to water down the stats. If you are in an area where condos should be included, then definitely include them (don’t forget to change the label on the x-axis to show what data includes).
MY LAST POST IN 2023
I appreciate all the conversation this year, and I’m so thankful for you sticking here with me. I am incredibly grateful too for the business you sent my way with appraisals and speaking. I cannot thank you enough. From my family to yours, Merry Christmas and Happy Holidays!!! This is my last blog post of 2023. Next year is going to be big. Let’s get focused!!!
IN TROUBLE IN THE 80’s
And yes, I would’ve been in trouble in the 80s for saying “sucks” like this in my title. But language changes.
Questions: What are your plans for the holidays? I’d love to hear.
If you liked this post, subscribe by email (or RSS). Thanks for being here.
Merry Christmas Ryan! Enjoy the break
Thanks Joe. Really need some time off. Trying to catch up in the background and lay low. I have plans to build a bar for the garage in coming weeks. Fingers crossed I make it happen. Merry Christmas!!!
Thanks for another great year of information and discussion Ryan, you are so appreciated! Wishing you and your family a fantastic holiday season!
Thanks Michael. I’ve really appreciated hearing from you more this year. Thank you for your contribution.
Thanks, Ryan~
Great info, as always. I’m planning on using the spreadsheets in 2024. Merry Christmas and Happy New Year to you and your family!
Right on. Please keep me posted if you have any questions. Here’s to hoping it generally works when people try to use it. Haha. Merry Christmas, Nan. I appreciate you.
Great spreadsheet. Thank you. Well done. This gives me some ideas for improving my spreadsheets. I wish our MLS had concessions reported.
Thank you Gary. Oh, darn. I figured concessions was a standard field for everyone. I guess that one graph won’t work for some people. Let me know if you come up with anyone cool. I always love to see what people do.
Ryan, You are so right about the relational part of our business. You are constantly of value to our community and your expertise is evident.
Appreciate the spreadsheet as that is not a strength for me.
Hope you and your family have a wonderful Christmas Season.
Bob, thank you for the kind words. Merry Christmas to you and your family!!!! If you end up testing out the spreadsheet, just let me know if you need any help.
Thanks SO much Ryan! I’m looking forward to using your spreadsheet! You’ve been a huge contributor to our work and made it easier to have more informed and helpful conversations and insights! That’s 3 sentences in a row ending with an exclamation mark! (Now 4) I’m really excited and thankful. Best wishes for a great holiday season with your friends and family – and, since you asked, that’s my plan for the holidays, plus a little more time spent tending my garden. Plus being a shepherd in my church’s heartwarming (and sometimes humorous) Nativity Play in Fair Oaks this weekend.
Peter, this is so cool. Let me know if you have any questions as you dig into the spreadsheet. I’m very happy to help in any way. And that’s pretty epic about being a shepherd. Haha.
Ryan, you continue to astound me. The information you share, the even perspective you have, and you are just an all-around good guy! Thank you and have glorious holidays!
Thanks Paula. You are too kind. I really appreciate you. Let’s be sure to set up a Zoom with your office soon also.
Thank you for providing a year of wonderful and helpful content!!! I appreciate your style of writing and I love that you allow the data to tell the story 😉 I hope you finish your bar and find time to rest!
You are too kind. Thank you so much Yolanda. That is always the goal. Let the stats tell the story!!!! If all goes well, I’m going to start building my bar in 9 days exactly. 🙂 Merry Christmas!!! I hope you get some down time to get refreshed before the new year.
Having just gone through this for my market (Raleigh) let me add that looking by tax address certainly helps given the variety of entities but still isn’t completely correct. For example, Yamasa Co Ltd is an institutional investor, but they have Progress Residential manage their portfolio. So “owned or under management” is more accurate.
Thanks Bo. I appreciate the example. I suspect the answer is going to be different depending on the institutional investor. No matter what, it’s very likely not going to be easy as these companies can be very challenging to track. I am guessing there are many more properties from Invitation Homes too that I don’t know about yet, and I’ll add them to the list if it’s feasible to do so. I did actually add nearly 1,600 extra units this week because I found a separate address for Starwood Waypoint, which is another big investor that Invitation Homes merged with years ago (which makes these units Invitation Homes units). I’m not sure if under management would work here, but I’m open to more research. Invitation Homes does all their own management as far as I know.
Merry Christmas, Ryan.
I’m finally working on updating my website to include a blog. I just started with mortgage interest rates. I just may take your suggestions and put up some sales stats like I put within my reports. I know that once I start, I have to keep a regular schedule. What kind of data brought you the greatest response?
Hey Bob. Great to hear. You know, I think the key is to ask what your target audience wants to see. It’s all about readers. If you were going to put up some consistent stats, maybe consider a monthly recap like I have at this link. https://sacramentoappraisalblog.com/stats/ I find stats are like an onion in that the layers keep coming, so it’s impossible to do everything. But maybe start small, see what sort of feedback you get, and then adapt as needed. I typically recommend for people to start pushing out a year-over-year recap visual since it’s doable to do that one time per month. And then see what else evolves. I’ve definitely had success with recap visuals, but for me it’s about putting out stuff all the time, which is what I would probably not recommend for most people. I know you have huge graph skills, so put your own flavor into this based on your target audience and what types of questions people are asking. I bet you could create stuff nobody has seen in your market.
Merry Christmas!!!
Thanks for the spreadsheets, Ryan. I’m using the one with month to month comparisons because of the way our MLS works and have gotten some good feedback. You’ve shared lots of good stuff here. Good luck in 2024!
That’s awesome, Tom. Thank you so much.