I'm interested in what sites are recommended to become familiar with help in researching a market area. My strategy, fyi, is to flip properties initially, and then migrate to rentals down the line.
Some metrics I've seen are: (1) days on market, (2) house price range including property taxes, (3) local proximity, and (4) # of properties sold within last 3 months.
Again, any other websites or metrics I should consider? Thanks in advance.
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
5y
Hi @D Higgs, this is a keen question! I'm not sure how to "metricize" this, but ideally you'd want to see a decent supply of pre-renovated homes and a proven significantly higher value in the same area of homes that have been renovated.
Rental Property Investor · Northern Virginia · Member since 2019 · 793 posts · 620 votes
5y
@D Higgs I would look at job, income, and population growth, and look for those markets that have growth in those areas. Those are typically buy and hold principals, but can affect flipping if you don't try to flip in the right markets, then you will not find buyers.
Thanks @Will Fraser! Question- Are you looking at pics on the MLS, zillow, etc to see homes that are pre-renovated? I've been driving for dollars in areas i'm familiar with - but one of my concerns is making sure I work smarter, not harder. I'm constantly thinking am i looking in areas that are dying? Am i wasting my time? So... I'm studying absorption rates now but to be honest it hasn't quite made sense yet how i would apply to my flipping dreams lol (but give me time) :)
Hi @Aaron W. Good info.. Can you recommend how i would find such data? Websites? Local township offices? Sounds like information from census.gov? Thanks for your help.
Rental Property Investor · Northern Virginia · Member since 2019 · 793 posts · 620 votes
5y
@D Higgs The local chambers of commerce in the market you are looking in typically publishes an annual report on the state of the city. They may also have an economic development department with similar information.
The census can provide some excellent information along with sites like city-data.com, etc.
There are also paid sites but they may not be worth it unless you are a large real estate company.