how do i master my market?

2 Replies

i want to know everything i can about my city....

what/where first time home owners are buying

the trends its been going through

where families are buying

have an estimate of when the market is going to keep going up or down etc.

what else do i want to know and where do i find it?

i want to be the master investor in my city....

My favorite tools in order of accuracy of the data:

MLS

Redfin

My favorite tool that is a must have:

Experience

Honestly, I havnt used zillow or trulia all that much, so I wont comment on those. If you are in a non-disclosure state, well... good luck. The sold data is not public record in those states, it may still get recorded on MLS, but who knows.

Both have the same principle, filter the data to find exactly what you are looking for. On MLS, this is very easy, you can search sold properties in the last year by financing type. So on the west end, in the last year, only FHA financed houses that have sold. There you will be able to see where the highest concentration of FHA financed houses that have sold in the last year. Easy, right? Sure!

Now you start talking about trends, well, I hope you are a statistician, because I certainly am not.  Usually the realtor association in your area will come out with monthly marketing reports, change in inventory, change in average price,  change in days on market.  You should see a trend if you watch these long enough, seeing if inventory is declining monthly, you should see days on market decreasing and prices going up, etc.  There are people out there paid very handsomely to crunch this data, you dont have to reinvent the wheel for sure.

Experience in doing deals consistently in your market, coupled with the data tools, and having the market history tools will be your trifecta in mastering your market.

Anson Young just want to pick your brain on this topic I am also trying to master my market.... would you communicate with those who have 3 or more properties in your market to see if they are looking for deals or build rapport?

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