Understanding Your Market - How To Get Started

[James Chung]

Hi all,

Like a fool, I posted this originally in the PRO-only area, where the audience is obviously a lot smaller. I'd appreciate a 'pro's' feedback on the following please:

1) What defines a hot vs cold market, or buyer vs seller's market? Is this relative to the buyer vs seller? Is this essentially parallel with inventory? In other words, does high inventory mean great market for buyer's while low inventory means great for sellers?

2) How does one go about (besides asking/trusting a real estate agent) determining whether they are currently investing/selling in a low vs high inventory market?

3) What are some obvious indicators of market trends in general? Are there some static things one can look out for to predict what's coming next? Is it about having the know-how to REACT, or can things be done to always be ahead of the curve and PROACTIVELY know when to hold vs sell?

4) What is the best way to transition into foreign territory once someone is comfortable with their market and ready to scale outside, say, their region of primary residence?

5) I don't know what I don't know...what else should I be asking/knowing to optimize my performance in any given market?