How To Really Figure Out How Strong Your Real Estate Market Is
If you are trying to make sense of the current real estate market and get a better handle on the type of offers you should be making and advertising, you are not alone.
There is a lot of confusion over the state of the economy. Some claim it’s red hot. Others feel we are already in a deep recession.
The claims of many major news outlets, real estate brokerages, and what others in the business are predicting may not line up with each other or your experiences.
Even the Fed seems to change their mind about the economy and their plan to fix it every day. So, how are real estate investors to make sense of the direction of the market, how much they should be bidding for homes, and what they can expect to flip houses for?
Consider these alternatives to headlines or all the questionable claims and data out there…
Ask Your Local Pawn Shop
Pawn shop operators have a great pulse on the market. They know if people are buying and paying back loans fast, or whether they are losing their stuff, and are having to bring in family heirlooms and their personal valuables for whatever few dollars they can get.
Go To The Gym
For one, you’ll see how many people are still paying for their gym memberships. You’ll also overhear whether others are buying, selling, investing, refinancing, or moving, and get a real feel for the local market.
Talk To The Cops
The Sheriff’s office handles evictions. They’ll know if there is a surge in squatting incidents, homelessness, and evictions. Which also indicates how healthy landlords’ finances are.
Check Out Old MLS Listings
How many aged MLS listings are there? Are days on market growing? What percentage of home sellers are making price cuts? Are agents offering bonuses for fast sales or offering to cut their commissions?
Run Some Ads
Put up an ad for a house for sale. Are you swamped with immediate full priced offers? Or are you only getting occasional low ball offers and questions from buyers that don’t follow through?
Get On Tinder
Financial distress causes a huge amount of relationship stress. Money is the number one reason couples seem to end up arguing. Divorces also drive distressed listings and rental demand. So, is your local Tinder pool swarming with new dating profiles? Or is it shrinking as couples get together and move in together?
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