One of the most important responsibilities you have as a trusted real estate advisor is to analyze market conditions and forecast what their impact will be for you client. This can be done for everyone you know because everyone you know will be impacted by what happens in real estate for the following reasons:

1. They own real estate and should know if their losing or making money.
2. Their business wont recover until real estate and the economy recovers.
3. The information provides great talking points for conversational purposes in social settings. No one wants to appear ignorant.

The four predominate indicators are as follows:

1. Supply—number of homes available for sale (listings).
2. Demand—number of homes sold.
3. Month’s supply of inventory
4. Average price per square foot

You must be familiar with this data as it relates to:

1. Last Year’s Statistics
2. This Year’s Year to Date Statistics
3. A forecast for next year based on what the recent trend has been

You must also know what the numbers for each of the four indicators are for the following:

1. The county
2. The Town
3. The Farm or Specific Neighborhood

An agent that is familiar with the above metrics will be able to brand themselves as being the source for local real estate information, and will become the ultimate local real estate professional.