I know this question has probably been asked before but I cant find it in the serach engine. Is there a way I could get a local report on my market?
Contact a local Realtor.
Is there any other alternatives? I hate going to realtors for information, but if I have to then I will. The only problem is that I heard that realtors market anaylsis isnt really accurate.
you could try to talk to a property manager in the area (management companies).
Who told you that a Realtor market anaylsis isnt really accurate?
I’ll try that. Did it work for you? But how did you get the information in your local market?
All Realtor s know the market very well in the area they work.
A guy name Ken Wade. Part of his job is to study real estate markets, so I think he knows what hes talking about, or it seems like he do. I think one of his videos is on this very site. If you look at it you may be able to know where hes coming from. Are you a realtor?
I am a real estate investor.
O ok. So do you rely on the NAR to give you the market anaylsis, if so is it working out for you? I’m just asking. Before I invest I want to learn about the market in my area and I don’t want to learn by looking at a graph that’s flawed. I just read a newsletter on cnbc that says realtors been overpricing home sales in the past 5 years!
Do you know any sites, places or people I could go to, to get that information?
Go in to any RE/Max office and they will help you.
Isn’t that a real estate company for realtors? Do you any other places or sites?
Realtors can at least show you what particular houses have sold for recently. For instance, this 3/2 with 1500 sq ft sold for 50k after being on the market for 48 days.
It’s up to you to know if things are a good deal or not. If you’re looking for someone else to hold your hand and tell you that, you’re not ready to do it on your own.
They could find out what homes are being sold for but I’m going to need a lil bit more I formation then that if I want to get a good grasp on my local market. I know a good deal when I see one but as of right now I’m not looking for potential deals. I want to first see if my market fits with what I’m trying to get accomplish. I’m getting Into commercial properties and I don’t want to invest just to find out that the demand is very low. Do you understand what I’m saying?
How long have you been in the game justin
How do you know a good deal if you do not even know your local market? Contrary to popular belief on this site there are good honest hardworking realtors in the business. I would not do without one on my team. Beyond realtors you have to evaluate a lot of properties on your own. Additionally, study the property transactions in your local newspaper and then check the corresponding sales data on your local auditors site. This should be a good start.
Supreme,
I’ve been investing in RE for 4.5 yrs. I agree w/ Brockovich. I like our Realtors and have used them many times. I’m not opposed to doing deals without them if something comes up, but I have used them on most of our deals so far.
If you’re looking at commercial properties, I would drive around town and see how many business/office spaces are for rent. In my town, I wouldn’t buy a commercial property now unless I could get a huge discount on it because it would be sitting for awhile. There are several vacant commercial properties here.
Supreme92
If you were talking about commercial real estate it would have been nice to know that from day one. So on the same theme, talk to commercial property brokers in the area your interested in, they like a free lunch.
Some Associations have a group specializing in commercial and you may be able to be a guest at a monthly meeting if allowed, sometimes weekly. It’s also not hard to drive by commercial properties and make notes, talk to owners of vacant for lease or sale properties, your not breaking any laws or ethics if they are listed because your not licensed.
Property for lease but still rented, talk to owner of business, they are often familiar with similar properties and the market. If you want the knowledge you indicate you will have to gather it yourself, or make friends with someone who has it and will give it to you for free.
What good is a report to you, they are mostly general totals and may give a clue to the current trend but like anything else they give what has happened not what is going to happen, and may not give detail for specific areas but a general overall look, otherwords limited info.
yes only the people living in the locality knows better than the other living in far lands. that’s why i only recommend those people to work with me who is in same region!
If you go on-line and pull up Realty Times, you can get local assessments of the market by local real estate agents.
Not enough info to buy, but at least it is a place to start.