Comments on: Getting to Know Your Market and Evaluating Properties Within It

By: Angie

Angie — Thu, 12 Jul 2007 05:46:40 +0000

I had such a good handle on the market the last time I sold, but things are so in flux here right now that I am even getting wildly different answers from various professionals. Talk about frustrating.

By: Mike Elliott

Mike Elliott — Wed, 11 Jul 2007 19:01:44 +0000

There is definitely no such thing as too much information concerning your potential investment. Solid advice.

By: Michael

Michael — Wed, 11 Jul 2007 02:58:19 +0000

You offer very good advice. I am currently in the market for a house and will use your advice to learn about this stuff.

By: Robb

Robb — Wed, 04 Jul 2007 18:44:51 +0000

I do like the recommendation about using the internet. I can’t remember where I saw it, but the recent study which found sellers getting better prices who did FSBO on the internet versus traditional sales through realtors was Very interesting reading. As always, your posts are enjoyable and informative, thanks!

By: Vicky Blacknall

Vicky Blacknall — Wed, 27 Jun 2007 18:14:56 +0000

Don’t forget the additional tool of County Land Records. I’ve found already (I’m a newbie) that comps from several different places are valuable, as they don’t all reflect the same info.

By: Chris Heath

Chris Heath — Wed, 27 Jun 2007 08:40:52 +0000

Yes, all success comes from hard work, buy many people use other peoples hard work to make it easier from themselves.

By: Best

Best — Wed, 27 Jun 2007 07:12:43 +0000

10 minutes to do a report, collect the $400, and then never think about the property again. I’ve resorted to using an Excel Regression model to account for the different variables in my analysis (sq ft, bedroom and bath count, lot size – and most importantly, a subjective quality variable for the overall condition) to see how the market values different aspect of the properties. I wish the hurdle to become a broker were higher so that the public’s trust of the industry would not be unfounded (I got my license in about 3 months from start to finish).

By: Joshua Dorkin

Joshua Dorkin — Tue, 26 Jun 2007 19:11:37 +0000

Brice – Crazy idea, huh? Too many people are just lazy and want others to do all the work for them. If you want to be successful at anything, especially real estate, you’re going to need to work.

By: Bryce Beattie

Bryce Beattie — Tue, 26 Jun 2007 16:37:43 +0000

You mean investors should expect to put forth some kind of effort if they want to be successful? What a novel idea!

I completely agree. If you’re going to put money into an investment, why wouldn’t you want to know as much as possible about it?

By: Josh

Josh — Mon, 25 Jun 2007 20:06:12 +0000

I couldn’t agree more with your comment that Realtors are not the best way to go to determine valuations. I flip properties, and was frustrated enough with realtors, and their lack of saviness with data analysis that I decided to get a broker’s license myself and do the analysis on the MLS data myself. I am continually amazed at the comps that are used in my appraisals from ‘certified’ appraisers. I get the feeling these guys take 10 minutes to do a report, collect the $400, and then never think about the property again. I’ve resorted to using an Excel Regression model to account for the different variables in my analysis (sq ft, bedroom and bath count, lot size – and most importantly, a subjective quality variable for the overall condition) to see how the market values different aspect of the properties. I wish the hurdle to become a broker were higher so that the public’s trust of the industry would not be unfounded (I got my license in about 3 months from start to finish).

Great blog – this is my first comment, but I have enjoyed reading all of your posts (and have blogrolled you on my blog).

By: John

John — Mon, 25 Jun 2007 17:37:40 +0000

I think you’re right, you need to pull together all the information you can, both from the internet, agents, and then actually walking the property you’re interested in buying.

I think if you have a connection to the area, whether a friend or family, then that makes it ideal. You have someone or have insider knowledge of the market in that area and enables you to make better decisions.