Knowing your market?

[Chris Eaton]

I'm a total real estate newbie starting out in wholesaling, and one of the most common pieces of advice I see is to "know your market."  In general, that seems like obvious advice.  You do need to know what is happening in your market in order to find deals, find cash buyers, and be competitive.  However, in practicality, what are some of the most important pieces of information that you guys have found that are necessary to truly "know your market"?  I.E., what information is most important to research when trying to learn your market?