What’s the most important thing in real estate?

We all know this one! It’s location, right?

Yep. But do you know that the second most important thing is?

It’s information.

What if I told you that your market data was three, or even four months old? Would you still be able to claim that you’re still “in the know”?

I don’t think so. Closing prices reflect deals that were put together 3-4 months ago. So that information is STALE!

There are two ways to make sure you’re up to speed today.

#1: Speak to real estate agents you trust.

This means that you’ve built enough rapport with a local real estate agent that when they tell you something is a good deal, they can show you why. And you can believe them.

However, building that trust can take a while, and many people fancy themselves experts in real estate. So simply listening to an agent may be a challenge.

#2: Make offers.

If you’re just looking for information, you’ll need to rely on #1. But if you’re in the market, you need to make offers. Only then will you learn where sellers’ heads are- because they will not tell you how flexible they are without an offer. They’ll just clam up. If they are unrealistic, at least you know you can stop trying to buy that house. Making offers will get you educated, confident, and aware when that great deal comes along. Waiting for the New York Times is a reciple for staying mostly ignorant. The market moves too fast to rely on 4 month-old information.

Location is important. But information is a close second. Why not have both?