BECOMING THE EXPERT OF YOUR LOCAL REAL ESTATE MARKET

Dated: 06/15/2018

Views: 143

Image title


You can listen to the hype, or you can do the homework. When the local real estate market looks hot, many homebuyers and sellers can get wrapped up in the sizzle and forget about the steak, throwing caution to the wind. So where can they look to help them make an informed decision about timing when purchasing a home or selling their own?

To give homebuyers and sellers a leg up in assessing their real estate market, ten members of Forbes Real Estate Council recently compiled a list of suggestions, so we are sharing some of them here.

Be the sleuth. Immerse yourself in everything real estate in your demographic. Look at what both renovated and as-is properties are selling for, who the biggest and richest employers within close proximity are and how long properties tend to sit on the market before being sold. Information is power. You do this by letting your fingers do the walking, searching the internet for what is being said about your zip code, for a start. Then get more specific — such as “real estate statistics for (zip code)" or “housing starts for (zip code) or even crime statistics. Be patient while getting curious.

If you plan to stay in the area long term, the council advises you to look for stable areas with good schools, multiple major employers, and moderate population growth. If you think you’ll be there 5 years or less (or flipping a property), look for the hot areas where investors are improving value. Your short-term equity gains may far outpace appreciation. Just remember that these areas can be cyclical, so be prepared to sell when the local values peak.

While online home value estimators may not always be accurate, it can give you a take on whether the market is heating up or cooling down based upon the periodic updates it lists for a home’s address. These websites will never give you enough information to give you an exact value, but it can reveal trends in local areas.

Pretend you are a real estate broker. No, you can’t go around representing yourself as one. But you can use some of the same public record resources they do, reaching out to one of the best resources for actionable, real-time market data: your local title companies. Title companies can provide detailed information, such as recent closed sales in the local market, sales trends over time, etc. But who ever thinks of calling one of them or going into one of them and requesting this data except for real estate professionals? Now you do.

Source: Forbes, TBWS

Next Page Realty 480-485-3775 

info@nextpagerealty.com

Blog author image

Sina Sabeti

Sina Sabeti is the owner and designated broker of Next Page Realty. His specialties are fix and flip deals, rental property acquisition, short sale processing, mortgage origination, and commercial....

Want to Advertise on this Site?

Latest Blog Posts

Aug 1 2019 64203 1

Pink Adventure Tours(800) 873-3662 6am-10pm Daily MSTreservations@pinkadventuretours.comIf you want to truly explore Arizona, either as a tourist or a native, you should definitely consider

Read More

Jun 11 2019 64203 1

Best Coffee Shops in Phoenix, AZWhether you’re looking for a morning pick-me-up, mid-day treat, or late-night energizer, these three coffee shops are the perfect places to go.Dutch BrosWith over

Read More

Rent To Own Phoenix

We are excited to help you get into a new home where you can finally buy it versus renting for years!! Please register and fill out your buyer profile so we can prequalify you for a home

Read More

May 16 2019 64203 1

Best Activities to Beat the Summer Heat in Arizona1. Six FlagsPreviously known as Wet 'n' Wild, Six Flags Hurricane Harbor is the new name of the local water park that is loved by many. Although new

Read More