1…How do you find out if houses are selling like crazy in a certain area or not? Realtors?
2…And if houses are not selling quickly in a certain area, — Is there any reason to look for deals on properties in this area or should you stick to areas where they sell like hotcakes
If you are planning to start a real estate investing business, you need to be able to make money in any market. The key to doing so is that you must buy your properties at a significant discount to market. That is true whether you’re flipping, wholesaling, rehabbing, or landlording. So, to answer your question directly - yes, I would still look for deals in an area where the “days on market” are high. However, in these markets, you will need to buy properties at an even greater discount than normal.
A bad real estate market creates a great opportunity. Determine which area of real estate investing you’re interested in (flipping, wholesaling, rehabbing, landlording) and then really study that area until you understand that business. In the mean time, join your local REIA (Real Estate Investors Association) and start learning your local market.