Without a doubt, one of the most popular questions to ask a realtor among consumers is how is the real estate market doing.

Even someone who will not be selling a house anytime soon will ask a real estate agent this question.

It’s the kind of thing most homeowners are curious about. After all, for most people, their home is their most tremendous asset.

There are simply too many factors to be aware of and too many shifting variables to keep track of. Market knowledge is one of the biggest reasons to hire a reputable realtor.

An excellent real estate agent can give you lots of valuable information about the local market. Not only that, he or she can help you understand what all that information means to you and your sale.

Your agent should be able to tell you about the current days on the market of homes for sale, market absorption rates, average sale price, and more. In real estate, market knowledge is essential, so be sure to do your homework.

Exceptional Realtors will be able to snap off the answers to these real estate questions very easily.

From start (searching online) to finish (closing escrow), buying a home takes about 10 to 12 weeks. Once a home is selected an the offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days (under normal market conditions). Though, well-prepared home buyers who pay cash have been known to purchase properties faster than that.

Market conditions are a major factor in how fast homes are sold. In hot markets with a lot of sales activity, buying a home may take a little longer than normal. That’s because several parties involved in the transaction get behind when business suddenly picks up. For example, a spike in home sales increases the demand for property appraisals and home inspections, yet there will be no increase in the number of appraisers and inspectors available to do the work. Lender turn-around times for loan underwriting can also slow down. If each party involved in a deal takes a day or two longer to get their work done, the entire process gets extended.

The selling price of a house fluctuates depending on multiple factors. The most common ones are the neighborhood and what similar-sized houses are currently selling for. Also, look at the age and condition. Do major repairs need to be done? If so, that might lower the property. And again, the market matters. Like everything else, home prices vary depending on supply and demand. Your job as a realtor is to best inform your clients about these different factors and accurately list their house.