Starting your Research
Market research is critical to an effective transaction, especially for novice real estate buyers and sellers.
Conducting even the most basic of market analyses can be a confusing endeavor if you don’t have specific experience doing so. Read on for ways to build a foundation of quality research to achieve ensure a positive real estate experience.
Main Factors to Consider
The first step is to investigate the basics.
Which location are you targeting? What type of market is it: buyer’s or seller’s market? What is the average length a home is on the market? What are the typical home prices in your area when they sell? What are the demographics and job market like in the area? Is the population largely younger or older?
Some cities are growing faster than others, making them great spots to invest in property for selling to new buyers. Work with your local Realtor to see where your neighborhood ranks among others in your areas. That way you can accurately set your price or build your offer without guessing what other comparable homes in your area are selling for.
Tighten Your Focus
Here are some things to consider once you land on a city or neighborhood area for your real estate purchase or sale. Again, work with your local real estate professionals to work through this granular information.
• Is there access to good roads and transportation?
• How are the schools in your area?
• What is the occupancy rate for the area?
Research Professionals
Once your focus begins to crystallize, it’s time to get the professionals involved. Find a Realtor to help you, regardless if you’re buying or selling. A Realtor can step in and make things easier for you simply due to their knowledge of the area and how other comparable properties are priced in the marketplace. Call local realty companies to learn about the commissions and services they offer. Ask your friends and family members who they have used in the past. A referral from a trusted loved one can make a big difference in how confident you feel in their services.