Updated: Jun 8, 2022
In today’s highly competitive real estate market, this question is more relevant than ever before. Do your research upfront to help save you time and money down the road. The first thing to understand is that real estate (like politics) in many ways is - local.
As you’re watching the evening news and hear about national statistics, it’s easy to form an opinion of the real estate market, which oftentimes has little correlation to our unique locale.
Let’s look at it Five ways to research the local real estate market.
1) Call a REALTOR®: The fastest way to find information about the local real estate market is to simply talk to a local real estate professional. As paid members of both the board of REALTORS® and the local (MLS) Multiple Listing Service, they will have access to in-depth market research, and most agents are happy to provide this information free of charge.
2) Go Online: New to the area? Not ready to talk to REALTOR®? No problem. Nowadays, many local REALTOR® boards and Multiple Listing Services offer their market statistics to the public. In addition, many Chamber of Commerce organizations publish community statistics.
3) Check the newspapers: Try checking in the paper or visiting their website to find the latest real estate headlines as most local newspapers have a section devoted to real estate. Also, begin monitoring the real estate classified section of the newspaper and local real estate guides.
4) Talk to the county assessor’s office: Local governments often have detailed market statistics that are a public record and may be available at their office or online.
5) Talk to an Appraiser: Appraisers are typically hired by banks to assess the fair market value of the real estate.
Gather your information ahead of time so you can make an educated decision about your investment goals!
Real Estate Broker, Licensed in the state of Oregon
Published East Medford Life Magazine - February 2014
Shanon holds an MBA in International Business, loves writing in her “At Home with Shanon” column that has been delivered to 47,000+ homes in Medford since 2014, has appeared on the Real Estate Radio Show, and was also featured on A&E TV network’s Real Estate Reality TV show.