Identifying local market

[Stephen Spradley]

Hello BP,

Newbie here and just starting my education. My question is what tricks and resources do you use to identify your local real estate market and determine if you're in a buyer/seller market, if real estate is over-priced, that sort of thing. I apologize if the question is a bit vague or difficult to understand what I'm asking for. Thanks in advance!

[Sean Carroll]

If you're a complete data geek like me. Check out attom solutions (attomdata.com) - they have a newsletter and service that will break down every possible market stat you could imagine right down to the county level. I love following their data because I am a big believer in following macro trends as well as micro. I like to know the "why behind the numbers"

My one caveat is don't obsess too much about the numbers of the "market", as if the deal is good and the fundamentals are strong on a property and an area, the market will always adjust in cycles, though the severity of those adjustments varies tremendously from one city to the next.

I tend to like boring markets in terms of appreciation, because they provide steady cash flow and I can sleep at night easier.

For more basic stuff you can look at zillow and trulia's stats, although I'd take their valuations with a grain of salt.