Knowing Local Market

2 Replies

Hey guys, 

I'm a newbie investor and real estate has always been something that I've been interested in. I was listening to a podcast earlier and it said to become me the local expert in your market. Some things that I know about my current market is the avg time a house spends on the market, and at this current moment it's a buyer's market. I also know the median list price for my market. Needless to say, I don't feel confident in calling myself an expert..Lol. What other information am I missing to grow my knowledge in the market that I'm in now and at what point should I enlist an agent or broker to help me? 

I would also recommend you study average rents, which I've found can vary greatly from one side of town to another. 

First, think about these two questions:

1 - What if your local market, when analyzed properly, tells you that it's not a good market to invest in?
2 - Based on the answer to Q1, what's your next move?