How Quickly Are Properties Sold?

[Sean K.]

Does anyone know of a good source and/or site that can show you how quickly homes are being sold in a particular area, from the time they were listed. I know that Zillow and Trulia can do this on an individual basis, but I'm looking more for statistics. My biggest fear in investing in a property, has to do with the question "what if I end up holding my property for a long time, because people aren't buying that much in my area?". I don't want to have a piece of property that's going to cost me a fortune, because the market it so slow in my area. There are a lot of pre- foreclosure auctions going on around where I live, but that's also making me wonder if anyone's really buying in this area, or going to buy on this area. I want something to show me if property purchases are happening a lot around where I live, and if so, where and how many. 

[Chance Gassman]

Your best course of action would be to contact a realtor in the area you want to purchase in. They will be able to give you sale and inventory information for the general market within seconds. They can even give you more detailed information for each neighborhood and how long properties are staying on market for each. Realtors are your best friend when you know nothing about another market. And, they are more than willing to help a potential buyer for free when it could lead to a long lasting business relationship, or at the very least a referral fee or commission. I just contacted a realtor in the Phoenix area to help me with some questions I had about the market. Not only was she able to answer almost all my questions, she is connecting me with a lender in the area that she knows.