flipping tip

Know and Understand Your Real Estate Market

You need to know the real estate market you are working in like the back of your hand. By this, I don’t mean go on Zillow and look at a few houses. I mean know everything there is to know about your local real estate market. Things you should know include price points, average days on the market, supply and demand, neighborhoods, school districts, local government, what the average home buyer is looking for, etc… Understanding your local real estate market can be instrumental in making or breaking your house flipping business. As it will not only help you identify a good deal when you find one but it will also help you to avoid overpaying or losing money when flipping houses. When it comes to market knowledge, your goal should be to know more about your local real estate market than anyone else.