We all want to get insider information, right? The latest news or, even better, the news before it even becomes news. Where should we buy property and when—where are the hot markets, the real bubbles? Is this a good long term property buy? We’ve got a lot of sites for you to explore for that kind of “insider” information: jump to research tools.
To determine whether we’re really working with the inside scoop, we weigh a lot of information. What about those supposed insider tips from friends, and those from experts who write blogs? What about what real estate agents and brokers tell you? Do your own research in conjunction with the information you get from agents or friends. Make your own evaluations and one day, you’ll make your own news with your real estate investments. When it comes to investing in real estate, it literally pays to do your research. That extra step can save you a great deal of money.
Let’s take a look at a lighthearted approach to getting the news before the news. Observe Ali G, who did a brief piece with Andy Rooney from 60 Minutes. Ali G, in his inimical English, which Mr. Rooney kept correcting, was saying, “How come media don’t get news before it’s news. You know, like let people know when a hurricane is going to come before it comes. Or, like in the presidential election, let people know beforehand, a few days even, since it’s such big news, who’s actually going to win, so they don't have to wait to hear this.”
Andy Rooney, didn't quite get Ali G and corrected him by saying, “You can’t know that yet because it hasn’t happened yet.” But is that really true? We can make predictions, much like weathermen give us a forecast, and many of us base our everyday decisions on those forecasts. With enough research and persistence, we can make our own real estate forecasts.
Let’s start with a few websites that offer projections:
Housing Affordability Index: http://www.realtor.org/Research.nsf/Pages/HousingInx
Mortgage Interest Rates: http://www.consumermortgagereports.com/
http://www.city-data.com/city/Boise-City-Idaho.html (Sample of Boise, Idaho)
Weather by State:
Real Estate for Sale from the Government:
Localism - Premier spot on the Internet for accessing local real estate information provided by those who understand local markets the best, real estate professionals.
CitySearch Live like an insider with reviews of restaurants and neighborhood attractions.
Yelp.com Real people. Real reviews of local shopping and neighborhoods.
Real Estate Networks
ActiveRain - A free online community for real estate professionals designed to help them promote and grow their business.
TIP: Go to the website for the city you are researching. Every city should have a .GOV or .ORG website that covers all aspects of a city. Type in '.gov' or ‘.org’ and the name of the city, for instance, and you should find an official site for the city you're researching.
The aspect we are concerned with is planning and development.
For our example, for Boise, Idaho, we found this link: http://www.cityofboise.org/Departments/PDS/. All cities should have a website with information on new developments, public transportation, and so on. Then, most cities have a few local papers that have a real estate section, http://www.idahostatesman.com/1252/.
Sure, you still need assistance from a local broker or agent, but this gives you some background information so you know if what they are telling you is true and not just hype.
Foreclosures – Be First in Line
As mentioned in previous articles, foreclosures allow you to acquire quality real estate for low prices, before anyone else even hears about them. To learn more detailed information on foreclosures in general, you can visit those articles. But if you want to cut to the chase, the links listed below will show the locations of foreclosures across the country.
Property Shark - we have all the data you need for easy property research, including detailed property reports, foreclosure and for sale listings, comparable tools, maps and much more.
If you’re looking for foreclosures, Real Estate Owned (REO) properties are the best way to get your hands on property before anyone else. More information on REOs is provided here: Finding Foreclosures and Locating Foreclosures