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How to Do Your Own Real Estate Market Research

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Are you ready to sell your house, purchase something new (maybe at auction – see here), or even have a new house built? If so, you may be a bit hesitant – after all, there’s a lot of money involved.

To know your position, regardless of if you are a buyer or a seller, conducting your own real estate market research is recommended. The question is – how?

Use the tips and information here to feel confident when buying or selling in the local housing market.

Speak to the Local Experts

What you may not realize is that local market info is available for free online. This means you can get an idea of what your house is worth, or if you are buying a house, it’s true value.

While this is true, it can still be confusing and complex. This is why many recommend working with a listing agent. The agent offers several benefits:

  • Real experience in the community
  • Understanding of the nuances in the neighborhood’s micro-market
  • Assess how the home in question compares to others
  • Tour the property to see how it fits the local landscape

These are things a website can’t provide. Also, the local agent can help you determine the costs related to new home construction.

Search the Online Property Sites

Currently, Millennials are the largest group of homebuyers, according to Fool.com. These individuals tend to start their buying journey online.

There is an array of online property sites that can help you gain a sense of the trends in the local real estate market. This includes things like the median closing price, median listing price, and the average price per square foot.

As you are searching, there are a few things you should do. This includes:

Pay Attention to Houses Like Yours

This includes things like size, location, and attributes. When you are working with a listing agent to determine a price for your home, the ones like yourself will provide the primary criteria for setting the price.

Take Notes Regarding What Makes the House Different

As you begin looking at online listings, make sure you think about why your house may be worth more or less than similar homes in the community. When you can articulate the differences to your agent, they will be more prepared to list your home at a competitive and accurate price.

By having this information, you can also have confidence in the price you pay or ask for the home in question. When you are informed, you are ready to buy or sell with confidence.

Handling Your Own Real Estate Market Research

When it is time to do your own real estate market research (more info), there are more than a few resources at your disposal. However, using the tips here will help you achieve the desired results.

If you are looking for other tips and information, be sure to check out some of our regular blogs. We are dedicated to keeping our readers informed about an array of topics, so check back often.

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