A new analysis tool may predict future residential housing prices worldwide which is a boon to homeowners, developers, lenders and many others.
FOR IMMEDIATE RELEASE
Peter D. Morris of the Greenstead Consulting Group and Dane Eitel of Eitel Insights have joined forces to exclusively produce and market S.M.A.R.T. InsightTM, a new and innovative technical analysis of market pricing in any residential market in the world.
According to both Morris and Eitel the S.M.A.R.T. Insight analysis not only indicates what occurred in the past, but it can be predictive of what the market is likely to do in the future. Both Eitel and Morris believe this future looking aspect is critically important. For example, the detached single-family home price in Vancouver BC is expected to drop by 21% from its high by 2019 according to a recent analysis performed by Eitel. “More importantly it also suggests when the price will recover,” said Eitel.
“This type of forward looking analysis is unique in the real estate industry, which has typically relied on historic year over year averages,” he said as he explained that the method used to analyze the data was first proven in 1902 in another industry.
Morris said the results provide a distinctive insight to the market that is useful to homeowners, Realtors, lenders, developers and many others around the world. “Imagine the competitive advantage if you knew what the market may do in the future rather than what it did in the past,” he said, adding that most people are interested in knowing what will happen in the real estate market so they can plan what they will do. Eitel, who is also a licensed residential Realtor, noted that Realtors can use this information to guide their clients and improve their business. Morris said lenders can use the information to mitigate their lending risks and developers should be most interested in knowing the future of the market due to the time it takes to get a new development to market. “Anyone involved in residential real estate needs this,” Eitel added.
Morris and Eitel both said the S.M.A.R.T. Insight can be done for any type of home ownership, such as single family detached housing; townhouses; condos, etc., and in any market where there is sufficient data. Eitel noted he has completed general data analysis for cities such as Toronto, New York and London (England) as well.
S.M.A.R.T. is an acronym that stands for Specific Market Analysis of Realty Trends according to Morris, the marketing mind of the duo. “This is the future of real estate and we think it is very powerful information to know,” said Morris.