Learning your market?

[Pedro Oliva]

As I'm starting out and doing alot of reading, I keep coming across many that mention to learn your market. This may sound dumb but, what exactly does this mean? Im a total newbie when it comes to rei and have the slightest idea as to what to look for, let alone how to look for it. I guess im in the situation of not knowing what I dont know. What is it that one needs to know about the local market and what are some steps to go about doing this?