The RUIZ REPORT was founded in February, 2020, after being asked a simple question: "Do you think you could improve this absorption report?"
Numbers tell an important part of any market's story, but they aren't everything. Being new to both the office and the area, I decided that a "fun" way to meet people would be to ask them to help verify the numbers I was finding while digging through the data. I wanted to see what the hive mind of agents with boots on the ground had to say about my data-only results. To my surprise, I found that many of the agents did not know their numbers!
It's not that the agents were flat out wrong, it's just that their go-to answers were based on "common knowledge" of the area. For example, everyone knew that the average price of a home in Buncombe County, NC, where the report started, was about $250k, but that hadn't been true since ~2016. The average price of a home in March 2020, the month the RUIZ REPORT was first published, was ~$380k. That represents a 52% price increase, and even the people selling the homes hadn't updated their numbers!
My first job out of college was working on the Debt Capital Markets desk at JPMorgan in NYC, and it would have been unthinkable for the traders or bankers (the client-facing equivalents of a real estate agent) to give inaccurate answers about relevant market stats. It was their business to know exactly what was going on so that they could best inform their clients, and I wanted to know why accurate reporting wasn't playing as important a role in real estate. If you think about it, the average person's portfolio trade is significantly less than their average real estate transaction, so why the reduced emphasis on making data-driven, informed decisions?
It was the answer to that question that brought clarity and purpose to our mission: we're here to change the balance of the age old saying that while facts tell, emotions sell in real estate. Whether you're buying or selling, you live in your home (possibly more than you might want to since COVID!), so few decisions are more emotionally driven than the handful of real estate deals most people go through in their lives. Many of our most intimate and cherished memories are made in our homes, and the dream to own a home is part of the larger American dream.
We think the old saying needs to be rebalanced because people often misinterpret it as meaning they end up having to choose between money or emotions, but success is found in balancing money and emotions! So even though buying or selling stocks and bonds can't compare emotionally to buying or selling a home, the outcome of your next real estate transaction can affect your finances just as seriously (if not more so!).
As you can imagine, fighting for the data in the the face of such raw, visceral emotions is an uphill battle! But it's a battle very much worth fighting. Why? Take a moment to read some of our customer testimonials for yourself to see just how much of a difference going into a deal with the most accurate and up to date information available can make (especially since you'll gain confidence by dispelling a lot of "common knowledge" in the process!).
It's time for common knowledge to keep up with market data.
So! Before your emotions fully take over your next real estate transaction (or before you watch that happen to your clients!), I think there are at least 3 Questions Your Realtor Should Be Able To Answer, and they are the following:
- What is the average price of a home right now?
- How long are homes staying on the market right now?
- What's a good price to offer (or accept) based on list price in today's market?
Of course there are more, and each one of those questions has very relevant sub-questions (read the full article to get the complete breakdown), but the answers to these 3 simple questions will help to set your next meeting off on the right foot - whether you're the client or the agent. Our Blog is updated regularly with local real estate analysis to help you learn your market, and signing up for our Newsletter keeps you in the loop about our Latest Reports and articles.
If you’re into this type of analysis and think your real estate agent should be too, then you should Work With Us! Our partner Realtors® take a data-driven approach to real estate and we’d love to match you with the best agent in our network for your unique situation.
If you are an agent, a team of agents, or a brokerage, then hopefully this resonated with you! If you want to educate your clients, set expectations, generate leads and close more deals with one simple 10-slide document, then head on over to our Realtors® section to learn more or simply Sign Up Today to get started with a personalized copy of the industry's leading real estate market report, the RUIZ REPORT.