How do I know where there is a seller's market?

Question

Good Morning,

I'm new to real estate.

I'm looking to do fix and flip. I want to do it in New York City or nearby in New Jersey.

My question is whether there is a reliable online tool to locate where there are sellers' market and where are the buyers market?

Many thanks in advance

Yisrael Kupferstein · Answer

Thanks for your comments

The point is that in order to test all of these data I have to go over data of many individual homes in many areas

My question is whether there are simple tools to test these data that are available to me as well.

Of course it would be better if there was a tool that analyzed all of this data and weighed it all for simple and clear graphical information.

Or I just dream and there's no such thing.

Scott Passman · Answer

@Yisrael Kupferstein Another way that might be a little easier to access is looking at the available housing inventory in an area. Generally speaking, around 6 months of inventory is considered a healthy market. Anything less than 6 months is typically considered a sellers market but you also want to take into consideration some of the other factors @Cassi Justiz mentioned as well.

Cassi Justiz · Answer

One thing you can look at are average days on market and % of list price to purchase price. You may need an agent to be able to pull that data. Lower days on market and higher % means it's more of a sellers market. Longer days on market and lower % of list to purchase price is more indicative of buyers market.

Just remember that this can change dramatically in a short period of time. It can also vary by season, price point, or neighborhood. I would recommend talking to several active flippers and/or agents that work with flippers before committing to anything.

How do I know where there is a seller's market?

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