Your Home Sold Guaranteed Realty — The Nathan Clark Team

Can Home Buyers Do Their Own Real Estate Market Research? 

How To Identify the Best Neighborhoods With Real Estate Market Research

Wondering how home buyers can do their own real estate market research? If you’re planning to move but aren’t sure exactly where yet, doing your own market research can help you choose a neighborhood that fits your needs.

Typically, it’s a good idea to work with a realtor to do proper market research. But if you’re still early on in the buying process, you may not be ready to reach out to an agent just yet. For this reason, you may be wondering how to do some preliminary research to help you narrow down where to buy your next dream home.

In this post, our team at Your Home Sold Guaranteed Realty — The Nathan Clark Team will give you an overview of how to do market research to identify the best neighborhoods and communities in your desired area. That way, you can conduct the most effective market research possible before meeting with a realtor.

4 Steps To Doing Your Own Real Estate Market Research

1. Do Some Preliminary Research On Home Prices

One of the first factors to consider when starting your real estate market research is the state of the housing market. This include:

  • Affordability and cost of living
  • Median home prices
  • Historical market trends
  • Average listing prices vs. average sales price
  • Whether the market is currently a buyer’s or seller’s market

Compare the median home prices in different communities, and take note of any areas where prices are significantly higher or lower than average. This can give you an idea of what you can expect to pay for a home in a given area, and help you make decisions about which neighborhoods are the most affordable.

Another important factor to consider is the condition of the housing stock. Look for information on the age of houses, average condition, and property type. This can give you an idea of whether the neighborhood has new or older homes and the level of maintenance that might be required.

2. Consider What Other Factors Are Important to You

Depending on why you’re moving, there are various factors you should evaluate in a neighborhood aside from the housing market.

For example, if you’re moving with children, you probably want to know what the school district is like. And if you’re looking for a new job, you’ll need to research employment opportunities and commute times.

Another common factor that influences peoples’ decisions about moving is the crime rate. Safer areas are likely to attract more home buyers, especially families with young children.

Other factors to consider are whether the community is rural, suburban, or urban and the proximity of places like grocery stores, restaurants, shopping centers, and hospitals.

3. Consult Professional Sources To Build On Your Initial Research

Overall, a professional realtor will have the most accurate, up-to-date information on the housing market in a particular area. But if you just want a general idea to help you decide on a particular neighborhood, you can start by looking online.

Popular sites like Zillow or Redfin can give you a rough idea of how the housing market in a particular area is doing, though they often aren’t accurate.

Instead, consider other sources like local newspapers and sites like The National Association of Realtors, NeighborhoodScout, or BestPlaces.

But the easiest way to get the most accurate information is simply by reaching out to a local real estate organization or realtor in the desired community. Realtors are happy to help answer your questions. 

All you need to do is explain that you are interested in moving to the neighborhood and have questions about the market. Even if you decide the area isn’t the right fit, the realtor may be able to suggest another community that’s a better match. They can also refer you to a different agent who serves that location.

4. Take The Next Steps

Once you’ve gathered all the necessary information, you can start narrowing down your list to the neighborhoods you’re most interested in.

At that point, you should reach out to a realtor that serves your desired location. You can show them your preliminary research and talk about what you’re looking for in a home. 

Then, the realtor can help you schedule home tours, discover off-market homes, and help you negotiate a great deal on a property. 

Our Team Can Help You Find Your Dream Home in New England

Overall, doing some preliminary real estate market research is a great way for you to narrow down which locations are the best fit for your needs. 

Research helps you form ideas about your budget, desired location, and ideal home. Then, once you’re ready to work with a realtor, you can share those ideas with them so they can help give you more in-depth information and help you find your dream home.

At Your Home Sold Guaranteed Realty — The Nathan Clark Team, we’ve been helping home buyers in New England discover their perfect homes for over 21 years. During that time, we built a reputation as one of the most successful and knowledgeable real estate teams in the area.

We can answer any questions you may have about a particular city or neighborhood in New England. We’ll also listen to your preferences and actively work with you to find a community that matches them.

Once you’re ready to buy, you can take advantage of one of our buyer’s guarantees, like our Exclusive Buyer Protection Plan.

To learn more about working with Your Home Sold Guaranteed Realty — The Nathan Clark Team, or to ask us a question about buying a home in New England, give us a call at 401-288-3557 or fill out the form below for more information.

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Nathan Clark $ 39 Cedar Swamp Rd, Smithfield RI 02917 401-288-3557

#1 Real Estate Team in Rhode Island
Ranked Top 100 Real Estate Teams in the U.S.
Source: Real Treads - Wall Street Journal

401-288-3557