How can I learn more about my market?

[Roxy H.]

I am a true beginner in real estate and would like know everything I can about my market area. I want to be an expert, but I am not sure where to start. I live in Toledo, Ohio and population is about 284,000, plus the surrounding suburbs. Also I'm looking to be an agent but I know there are so many people here with valuable knowledge that could help. Thanks.

[Brian L.]

There are many ways to learn about your market and you will probably use most of them over time. To get started, drive around a lot. Get to know neighborhoods, the good and the bad. Spend time on real estate websites; pay attention to prices in each neighborhood, what is selling, how fast is it selling. Meet with other people in the business, agents, investors, even sellers.

[Brian L.]

There are many ways to learn about your market and you will probably use most of them over time. To get started, drive around a lot. Get to know neighborhoods, the good and the bad. Spend time on real estate websites; pay attention to prices in each neighborhood, what is selling, how fast is it selling. Meet with other people in the business, agents, investors, even sellers.

[Account Closed]

Getting to know a market is CRUCIAL and where many an investor fail. You should be the go to expert for an area. There are several things you can do to be the go to person for that area.

1. Drive the area during the day. See what it is like. Note if the yards are maintained. Is there garbage all over, is grass over grown, etc.
2. Check proximity to schools. Research the school ratings. Solid school systems are important for buyers and renters alike.
3. Transportation - see where the key outlets are to get to public transportation and also main roadways
4. Drive property at night. Do you feel safe? Are the cars parked broken down? up on a jack? etc.
5. Attend open houses. See the finishes.
6. Call other for rent signs, so you know the area rents

etc.

This is just a quick list. The one thing is, never get complacent. You have to keep studying the area, as it does change over time.

[Bill Gulley]

Roxy, go to every open house you can, as a Realtor, you preview homes on your own. If an appointment is necessary according to the listing, call and say you are previewing the property for yourself or a client.

What you need to see is the variations of location, condition and age of properties in the neighborhoods, quality of homes, the price differences and comparable properties. You have to go inside to see what amenities are offered at or for the asking price.

You should be so familiar with areas and floor plans that you can drive by a property with a for sale sign, guess at the asking price and be very close, look the property up to check yourself after you estimate it from the street! Then, go in and see if your expectations were met or why you were so far off. That's how you'll learn what's offered in the market.

Then hit the closed sales and look to the variance from asking prices to closed sales. Your MLS probably has the stats as to % of asking prices for all properties listed, you need to drill down further in neighborhoods to see what they will likely bring on the market.

This is an ongoing process, you won't learn in a week, but over time.

The other day someone mentioned they were buying the house they had rented, after learning my experience they began asking questions. They said they were at the corner of two streets on the SE corner, I told her what color her house was! I grew up here, not many established areas I don't know very well, much of that was from just growing up here, so a bit different I know. Today, it's tough keeping up with the new subdivisions, they spring up like weeds, but a ride through them tells mot of the story.

You can get an idea of market activities off the MLS, look to days on the market for the price range, you'll get a good idea of what the hotter areas are and the price ranges that are selling.

While you can get a lot of information on line there is no substitute for seeing for yourself! :)

[Paul Timmins]

@Roxy H.

Go to IREM.org search for ARM certified property managers call 5. Ask them what parts of the city they like and dislike and why. Ask them what they see them selling for per unit and what are expenses per category per unit. Great way to find deals not on the market yet.

Paul

[Roxy H.]

I'd like to thank you all for your replies. I appreciate it.