One of the things that you will quickly learn as a participant of the real estate market is that there are always new developments happening. Major events can increase or decrease the value of homes in a given area. This is why simply looking at prices on a given day is a poor strategy for real estate investors hoping to purchase an investment property. If you want to learn how to invest in real estate, you will have to get used to the fact that you will need to monitor the markets on a daily basis. This is Real Estate Education 101!
How can this be done? What information and sources can we use to know what is happening in our real estate market of interest at any given time? After all, real estate investments can only be beneficial when they are made using the right information at the right time. Here are some ways you can check to see what is happening in your area:
1) LOCAL papers
As tempting as it is to read national papers that are credible, they are not specific enough to get a clear picture of what is happening in your area. You are going to want to seek out papers that (almost) exclusively cover what is currently going on in your real estate market of interest. If you’re really good, you can even get your hands on select papers that discuss current events in a smaller community that is a part of your real estate market.
2) Community events
Who better to ask about the condition of the real estate market than the people who have lived in that area for several years? Oftentimes, there are certain real estate gems and warnings that you will not be able to obtain from any kind of news source. These are hidden in the form of “common sense knowledge” that residents instinctively know to be true. How are you going to get them? Going to community events and talking to people, of course.
3) Local real estate agents
There is a good chance that you will find real estate agents with niche-level knowledge about your area of interest. If you are able to set up a meeting with them to obtain some information about your real estate market, they might be generous enough to give you insights that would have taken you years to find yourself! Plus, they have spent their time aggregating data and analyzing trends over the years. This kind of data analysis is a very useful tool in making investment decisions within your real estate market.