The Chestnut Park Brokerage belief is that “an informed consumer is a more intelligent consumer and can make decisions about buying and selling real estate without any concerns about being fully informed”. Given this value system, it was a natural progression for the Chestnut Park executive team to decide that sold data from 2018 wouldn’t be enough to inform the consumer.

 

 

Our previous blog explains the reason for the publication of sales data, a process by which consumers can access this data on our website and how this information is interesting, but still requires context and interpretation. One way of improving the context is by providing listing data from previous years. Chestnut Park is doing just that. Effective immediately, we’ll be publishing sold data from over two years ago. This additional information provides you with the ability to see the year over year increases in sale prices. This means you can draw loose conclusions regarding the real estate market’s health. Such information, however, should be used with caution as sales data does not necessarily tell the full story. Perhaps a particular property was sold between family members at a favourable price or a quick sale was needed due to debt, death or divorce? The low price, therefore, of a particular property or house does not necessarily indicate the health of the entire market and does not mean that your home just a few doors down would command the exact same price.

 

 

 

Both the Chestnut Park executive team and our real estate professionals see the dawn of the information era as an excellent opportunity for us to demonstrate our value to our clients and the public. As evidenced in the United States where sales data has been available for more than a decade, skilled and dedicated real estate salespersons are critical as ever. They are able to interpret the flood of data in order to give an accurate appraisal and ensure that their clients get the best deal. Data also doesn’t replace the finesse of a skilled negotiator or eradicate the dull task of showing properties, staging properties and bringing in off-market deals. Sales data is interesting and can be useful for consumers. We’re in complete agreeance and are making all efforts to provide more. Sales data, however, is but one piece of a complicated real estate sales puzzle; a puzzle that includes the synthesis of qualitative and quantitative information, understanding the je ne sais quoi of a market, a grasp on marketing tactics and exemplary negotiation skills.

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