Posted by michaela-ATL on October 05, 2003 at 13:29:13:
Bryan,
FOr years I only worked in the neighborhood I live in. I farmed the area, went to ‘open houses’ talked to agents and neighbors. Drove around to see what’s on the market. What sold, what still sat there after months. Talked to buyers and sellers. From there I branched out to a radius of about 10. min. from my house. That’s still my criteria.
Michaela
Knowing your market??? - Posted by Neophyte Investor
Posted by michaela-ATL on October 05, 2003 at 13:29:13:
Bryan,
FOr years I only worked in the neighborhood I live in. I farmed the area, went to ‘open houses’ talked to agents and neighbors. Drove around to see what’s on the market. What sold, what still sat there after months. Talked to buyers and sellers. From there I branched out to a radius of about 10. min. from my house. That’s still my criteria.
Michaela
Re: Knowing your market??? - Posted by michaela-ATL
Posted by michaela-ATL on October 05, 2003 at 12:55:43:
There’s mroe to ‘knowing your market’ than knowing how to find comps. For example: I’ve worked in an Atlanta neighborhood, where most of the hosues were built around 1900. Victorians mainly.
You might think, to find comps is finding out what other houses in the area with the same sqf sold for. I will look at these:
What kind of buyers buy these houses (first timers? older. People with kids? Want big or small yard? straight or gay?) access to freeways? What are the schools like? A brick houses (in some areas considered superior) would not do as well in a neighborhood of framed victorians). New constructions might not do as well in comparison with the character of the old homes. A new home, that used Antique artifacts might do better than standard new construction. What are the best selling colors on and in these houses? Any agents, that specialize in the area? Parks? Other amenitites?
I can go to domania and find out what houses sold for on a certain street in Houston or San Diego, but that doesn’t mean i know the market. There’s a lot more to it.
Michaela
Re: Knowing your market??? - Posted by Bryan-SactoCA
Posted by Bryan-SactoCA on October 05, 2003 at 13:12:15:
So how do you learn this stuff? Every market is different, so do you just jump in and start dealing and take your lumps with bad deals until you figure it all out? I’ve been thinking of taking a few months to learn neighborhoods and market values and such before I actually start making offers.