BiggerPockets

Good question. The MLS has statistics on the average price and in some areas, by area. You can see some trends by looking at sales to begin with. Then get specific.

Without access to MLS details, you really need to drive the area and see the properties and what the asking price is. From the statistics you can see what % of the asking price properties actually sell for. This will get you close enough for a range.

To be really familiar with an area, IMO, you need to get out and see the properties.

When my parents were Realtors we would go for a ride and preview properties. We had a game where we would drive by a property and see a sign and guess what the asking price was, then look it up in the MLS book. (Yes, they use to put all the listings in a book that Realtors would carry around!. After awhile, you'll get it on the head or within a few hundred dollars with properties under 300K (in our area). When you get into larger custom homes, you won't get it every time without going inside.

Go to open houses, the more the better. That's probably the best way, IMO.

Great question, Lance!

By far knowing the market is the key to success in this business. The best thing to do (in my opinion) is to get to know your area - find out the areas you like/don't like. From there, then you can start looking for opportunities and comparing values of homes (i.e. wholesale value, retail value whether selling on cash and/or terms, etc).

Hope that helps! :D

Take your market and drive the closed sales.It is the only way to get to know a market. I am also a real esttae agent. I do that and have every MLS sale since 2001 in excel and rip reports out of that as well.