How to Analyze Local Market

[John Oyedele]

Newbie still in the learning phase while saving capital for first purchase. I've been able to find a realtor who was willing to pass along properties from the MLS so I can start analyzing. Looking for advice on how to get a better understanding of the local market (average rental price for SFH, average yearly appreciation / depreciation rates, etc. ) Living in the DFW metroplex, specifically Arlington / GP area.

[Hattie Dizmond]

Welcome. Rental rates are tough here, because most rentals are not listed on the MLS. However, I generally use Rentometer to get a baseline, since they are pulling those that were listed. Then I drive the areas I'm interested in and search on Craigslist and other sites for properties listed for rent. I simply call all the for rent properties I can find and ask for the size, configuration, and market rent. Your realtor should be able to provide a little help as well. Although, I've found a lot of Metroplex agents to not be very knowledgeable about rental rates.

Check out The Real Estate Center at TexasA&M's website for detailed market info like appreciation, median price, median income, etc.