Finding Out Info On My Local Market? What Sells, What Doesn't
is this where I basically talk to an experienced real estate agent? Are there databases out there that will tell me what types of homes are hot in my local market?
is this where I basically talk to an experienced real estate agent? Are there databases out there that will tell me what types of homes are hot in my local market?
The easiest thing to do is see what's selling, and who wants to buy.
This is how I've done this:
-talk to RE agents in the local area
-talk to experienced RE investors
-ask neighbors of a prospective house to understand the neighborhood dynamics
With that being said, every house is a deal, at the right price. Whether or not you have enough skill and qualified team members to do the deal is another question.
John
A friendly realtor can give you a world of help here. He can run searches in your local MLS database by a variety of search criteria. Sometimes, for example, I have my friend run a search for properties under a certain price sorted by how long they have been on the market (oldest first). This gives you a pretty good idea of whats not selling.
Sometimes you get in a small enough niche that this sort of thing doesn't help very much (this moring I asked him for comps on rental industrial properties less than 5,000 square feet on the southeast side of town. there weren't any.).
But for the most part its hard to beat the local MLS for a complete database.
Thanks!!! I'll call my friendly agent.
Ginnie
Does anyone know of any RE sites (i.e. yahoo real estate) that will let you search or sort a search by "days on market" or "list date"?