This is how I do due-diligence on a new farming area or market I’m not familiar with…
1. I would look at what’s on market, what days on market is & what the volume of sales is.
2. I would call the top agents that work the area and ask them questions about the listings they have, market conditions, get a ball park idea on price expectations, ask about price disparity between renovated & unrenovated etc.
3. I would attend home opens, get a feel for who the buyers are, take note of how many people are at the open homes and chat with the agents etc.
4. I would look at recent sales on RP Data to gauge what has sold recently & compare with current listings
5. I would get an understanding of the better pockets, the not so good pockets, the schools etc
6. I’d be looking at the data to understand the current market conditions and what way its trending
