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Leverage a Real Estate Agent and become the real estate market expert
Do you know which areas are best to invest in and which areas to stay away from? If you are on the road to becoming a successful real estate investor, the answer will be “yes”. To be more informed than the average real estate investor, first, define your target area, then view and assess monthly real estate market reports to determine what is happening in that market.
Defining Target Areas
If your plan is to buy a home and fix it up for a quick turn around, the areas of target will be the working class and middle income neighborhoods. If your plan is to wholesale, the target area will be the low income or distressed neighborhoods. Never start investing in real estate before learning the area first.
If you are not sure where these target areas are located, then your first step will be to start segmenting the city. Follow these helpful segmenting tips to define the areas that meet your goals.
Monthly Market Reports for Real Estate Investors
One of the very best resources for real estate market is the Multiple Listing Service, also known as the MLS. The MLS provides detailed reports of what is happening in the local area market. Market reports include statistics such as:
- The total number of homes sold
- The average home price
- The median home price
- The median days on the market
- The average price per square foot
- The average list price
- The average days to close
Real Estate agents have access to these reports. To become the market expert, leverage the assistance of a real estate agent who will email you market update reports on a regular basis. Real estate market reports will help you determine what areas are “hot” and which are not.