ShowingTime released the fifth installment of its monthly ShowingTime Showing Index™ on Monday, which revealed showings on the national level increased 7.8 percent in July year over year.
Whether you’ve followed the Showing Index since its inception or stumbled upon the most recent edition, you might have wondered: “How can I benefit from this?”
First, an overview: The Showing Index, the first of its kind in the real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services. More than 3 million showings are managed each month using ShowingTime technology.
The Showing Index is far from being the only metric available in the residential real estate industry. But it provides one-of-a-kind perspective when deciphering the industry’s supply and demand.
Inventory, as calculated by the National Association of REALTORS®, measures the number of homes available for sale, taking care of the supply aspect of the equation.
NAR’s pending home sales metric – which measures housing contract activity – represents demand, though its focus is on the number of homes sold to buyers, not the number of customers looking for homes.
The Showing Index, then, is a statistic agents can use to help buyers or sellers get a fuller view of the market to make better informed decisions.
Anecdotes are one way for agents to convey to clients they need to act now. But adding stats to support your position adds another layer of expertise.
Consider the following two examples:
Exhibit A: “Last year at this time a client fell in love with a home in this neighborhood but didn’t act swiftly and it was off the market by the following week. I would suggest acting now.”
It’s a strong statement, but could be taken as hyperbole.
Exhibit B: “Last year at this time a client fell in love with a home in this neighborhood but didn’t act swiftly and it was off the market by the following week. This year showings are up 7.8 percent. I would suggest acting now.”
Showing Index data supports that claim, and helps the agent express the urgency of making a decision.
This is just one example of how agents can benefit from using metrics such as the Showing Index or MarketStats by ShowingTime to showcase their expertise and provide valuable market-wide insights to their clients.
Click here to download the ShowingTime Showing Index – July 2017 report.
For stat inquiries, contact firstname.lastname@example.org.