How to scale out the area im looking in

[David Timm]

I am very new to all this. But I have started my journey. I have recently moved to Norfolk, VA and i am a bit confused as to how im supposed to understand the market.

There are quite a few towns in the area and I get really confused if I am supposed to develop and deploy a market strategy for each? While it seems to me that I should, given some seem a bit nicer then others, its quite the daunting task.

Before I start developing my strategy for finding deals and leads I thought id save the miles and make a post here.

What is the market?

How do i tell how far away I should use a comp?

What if there are no comps in the area?

Can I trust zillows market appraisal price?

[Nadeem Alamgir]

Instead of creating a separate strategy for every neighborhood, start by focusing on key market basics like price trends, recent sales, and rent comps.

For comps, aim for properties within a half-mile to a mile, similar type, and sold in the last 3–6 months. If there aren’t any, you can expand a bit, but be cautious.

Zillow’s estimates are not always reliable, use them alongside recent sales and get input from agents.