Real Estate Investor Home Value Game – How To Become An Expert On Your Market

Whether you are a relatively new real estate investor or an experienced real estate investor, if you want to become an expert on housing prices in your current real estate market, consider playing the following game. Over the years, I have had many people share a version of this game with me. It was formally taught to me by my real estate broker and then again by a real estate guru that I was a consulting client of. Before this, while I was growing up, my father and I played similar games as we looked at possible investments together.

Here’s how the game works: find someone that is also interested in real estate to partner up with and take a list of recently sold properties with you in the car. One person will be guessing. We’ll call him the guesser. The other person will be reading the property information to the guesser. We’ll call her the reader.

First, you drive to a house that recently sold and have the reader tell the guesser the information about the house: beds, baths, square footage, special features and everything else about the property EXCEPT the price. Then, the guesser needs to guess the price that the house sold for. Ideally, you want to be within a couple percent of the value.

The ultimate goal is for you to be able to drive down the street, see a house for sale and with some basic information about the house, give a reasonable estimate of what it will sell for in your current market. It may take a month to two or three of playing this game for you to get good enough to be able to do this and accurately guess 9 times out of 10 the correct sales price, but it is well worth the time to establish yourself as an expert on market values.

Until my next post,

James

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