{"id":5963,"date":"2017-05-29T10:10:04","date_gmt":"2017-05-29T17:10:04","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5963"},"modified":"2017-05-24T07:08:24","modified_gmt":"2017-05-24T14:08:24","slug":"assess-the-real-estate-market-in-your-area","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/05\/assess-the-real-estate-market-in-your-area\/","title":{"rendered":"Assess the Real Estate Market in Your Area"},"content":{"rendered":"

Real estate can be a very rewarding profession and a terrific investment. But to profit from it in either case, you have to have a good understanding of your target market. If you don\u2019t know when and what to buy or sell, you might as well be gambling. Here are some tips to evaluate your marketplace.<\/p>\n

1. Online Sources<\/strong>
\nThere are a great many online tools available today to give you insights on local markets. Yahoo Neighborhoods and City-Data.com can provide demographic details like crime rates, schools, and a wealth of other information. Google Maps and WalkScore can both give you details on neighborhood features. Sites like CBRE and GlobeSt can provide higher-level trends and developing news on real estate investment.<\/p>\n

2. Values<\/strong>
\nOnce you\u2019ve come up with a list of properties, you need to have a very good idea of what they\u2019re actually worth. For most homes, you get a good idea of the value by comparing the actual sales prices of similar properties that have been recently sold in that neighborhood. Replacement costs are used to value new structures, such as a guest cottage or stable.<\/p>\n

3. Returns<\/strong>
\nWhether you\u2019re an investor or seeking investors, you have to calculate what you expect in profit. Many times there\u2019s maintenance or remodeling required to maximize salability. There will be costs like taxes, realtor fees, and insurance, or possible headaches with building codes and permits. You have to be certain your expected selling price is going to cover all this and still give a decent profit.<\/p>\n

4. Price Trends<\/strong>
\nYou also need to research price trends for the area. It\u2019s important to determine whether current prices are going up or down, whether this is temporary or a long term trend, and how that affects profitability. Even if you move fast, you can\u2019t expect to capture top dollar if values continue to drop. Don\u2019t forget that there could be very different trends for residential, commercial, and agricultural property within the same market.<\/p>\n

5. Identify Any Catalysts<\/strong>
\nSometimes prices reflect national or state economies, but there could be local factors. If a long-term, major employer pulls up roots and moves to Mexico, there\u2019s going to be unemployment and dropping prices. But if a developer has plans for a new hospital or big shopping mall, there\u2019s going to be more jobs, more traffic, and rising prices. Take the time to skim news stories or check with the local chamber of commerce.<\/p>\n

Whether you\u2019re a professional real estate firm or an independent investor, don\u2019t forget that we\u2019re living in a digital age. Start your research by locating the tools and apps that will make your decisions easier and better informed. Contact a realtor at a business like Keller Williams Realty if you have questions.<\/p>\n

5 Ways to Assess the Real Estate Market in Your Area<\/a> by Dixie Somers | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate can be a very rewarding profession and a terrific investment. But to profit from it in either case, you have to have a good understanding of your target … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-5963","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nAssess the Real Estate Market in Your Area • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/05\/assess-the-real-estate-market-in-your-area\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Assess the Real Estate Market in Your Area • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Real estate can be a very rewarding profession and a terrific investment. 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