Tips on Analyzing a Market?

[David Emanuel]

Hi everyone, Dave from Philly here!

I'm trying to put together a check list of things to do to analyze the market I plan on investing in, and I wanted to get some ideas from you all about what I should include on it. My goal is to know and understand what the max ARV of any property in my sub market will be, and what factors are determining that max ARV. I figured, this way I would be able to know if the asking/sold price of a property is fair, low, or high just by looking at the metrics.

Currently, I’m keeping track of properties sold within the last 6 months, along with each individual properties sold price, date sold, zip code, bedroom/bathroom count, square footage, type of property, and year built. Are there other metrics that I’m missing that I should also be keeping track of? Perhaps I should keep track of specific details about the structure and designs of the interiors? I’m aiming to make the process as efficient as possible.

What are some essential tasks an investor should complete on a regular basis to analyze their target market and know things like:

1. Are asking prices currently high or low?

2. Am I analyzing a buyers or sellers market?

3. What is the max ARV of a specific property in the area

4. What needs to be done to a property for it to reach it's maximum ARV?

I can’t wait to hear from you all, thanks!