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Updated over 8 years ago,
Knowing your market - feedback requested on how I am learning
Hello,
What do you think I should do to learn my market?
I have been reading The Ultimate Wholesale Bible and the first this the author suggests one does it to really learn about the market you're working in.
For me, this consists of 13 zip codes in eight surrounding cities. Here is what I have done so far:
1) Find the median sales price by zip code. I got this info from Trulia
2) Find the median time on market (last three months) - I got this information from realtor.com, albeit only at the county level.
3) Inventory - Searching the MLS with each zip code, I was able to find the number of listings in each area. I will be tracking this on a weekly/biweekly basis.
4) Foreclosures - I searched PropertyRadar by zip code for properties in foreclosure.
5) Zoning Laws - I've downloaded zoning maps for each zip code and am going to review them. I am also planning on attending some zoning meetings as well.
What else would you suggest a newbie do to learn the market? What metrics should I be tracking on a daily/weekly/monthly basis?