How can you tell if the real estate market in a particular area is good, bad, or stable or what??
I was talking with an investor about some properties that I was trying to bird dog to him and he advised of two cities that he won’t do business in because the home values aren’t appreciating as they should.
now that’s fine but my question is how do you find out this type of information??
If you dont know your market, then I suggest you get a realtor in your group who can assist you with getting market information.
The investor your working with appears to be looking for property to hold. Try to find an investor who flips property also, so if you do get a lead, you know where to go.
Last year, my area was extremly hot, houses didnt last long and the market was appreciating fast. Now its stable, I can tell, because I read the real estate section in my area, and have noticed numerous houses in my area stay on the market at least 8 months.
Good luck!
Rich_30,
I like what blueboxer said. Another way to figure out your area is to talk with investors at your local REIA group. Find several different types of folks who invest in a variety of ways.
I personally buy sub2 pretty houses with very little in repair. Therefore, I can tell you where the median price range up to double is for my market.
Another investor who buys junkers for rehabs would be able to tell you the regentrifying areas that are on their way up and probably what areas are on their way down.
Make sure you talk to several different people who buy and sell differently. They’ll be able to give you more information.
Big Cheese