If you’re looking to buy or sell property, it’s important to have a basic understanding of how the real estate market operates. However, diving headfirst into it can be intimidating for non-professionals. With so much information available and constantly changing, laypeople can easily become overwhelmed if they don’t know where to start looking.

Fortunately, you don’t have to be a real estate expert to successfully track fluxes in real estate trends. Start with these 14 tips from the members of Forbes Real Estate Council if you’re looking to better understand the industry.

1. Seek Out Micro-Information, Not General Overviews

Just as in any investment industry, there is too much data coming from too many voices. Real estate is hyper-local, so what you read on the internet or in articles is a general overview. When investing, you need micro-information to assess value and trends. Just like your financial advisor, you need a proven, full-time, experienced real estate advisor. – Robbie Briggs, Briggs Freeman Sotheby’s International Realty

2. Befriend A Trusted And Local Real Estate Agent

Real estate agents live and breathe the local housing market. If they’ve worked in your market for a while, they’ll know how different homes in your area have sold through a variety of market conditions. Based on their local market experience, they’ll be able to provide you with up-to-the-minute personalized advice on how you should respond to fluctuations in the market. – Sumant Sridharan, HomeLightForbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?

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3. Build A Team Of Trusted Advisors

Understanding the real estate industry is key for success in real estate, especially for investors. Working with a trusted team of advisors such as a realtor, mortgage broker and real estate investing coach will ensure you get the information you’ll need. Understanding trends is one thing, but getting access to data about a specific property or neighborhood will require help from an expert. – Julien Leclair-Dionne, HomeFluent

4. Keep An Eye On The Pass-Through Rate

A lot of multifamily investors expected mortgage rates to be tightened since the Fed cut rates. However, the opposite happened: rates widened by 1 to 2%. The benchmark is just one part of the rate stack; the spread over treasury investors are requiring is a clearer indication of where capital sources believe value is going. Specifically, look at the pass-through rate on recent agency MBS issuances. – Zachariah Rosenberg, TapCap

5. Maintain An Online Network Of Real Estate Professionals

Having a team where you get your information from will give you the most accurate picture of the market. The members of your team should include a broker, property manager and lender. A team can also be made on social media where you can interact with a lot of professionals and on a platform like Costar that tracks market information as well. – Dan Dutton, OMNE Partners

6. Treat Real Estate Like A Long-Term Investment

Fortunately, the real estate industry has plenty of excellent online resources, including industry publications, reliable data providers and a few insightful blogs and podcasts. Start with the most reputable outlets and build out your knowledge base organically over time. Understand that success in real estate is a years-long, ever-changing process that evolves over time as you continue to learn. – Gary Beasley, Roofstock

7. Listen To Podcasts By Industry Experts For Non-Experts

Podcasts are the next chapter in news radio and there is one for almost every topic, including real estate. If you’re interested in learning about market trends, there are likely several local agents with podcasts. Additionally, there are also podcasts hosted by renowned industry experts who can provide a national perspective on notable housing trends paired with their strategic insights. – Fiona Petrie, RE/MAX INTEGRA

8. Follow The Average Days On Market

A key metric to follow is the average days on the market (DOM) for homes in a specific neighborhood. A low average generally indicates a market that is more favorable for sellers. While a high average signals a more balanced or potential buyer’s market. But the real value in analyzing this data comes in comparing these averages over time. Also, keep in mind that seasonality plays a factor as well. – Brad Le, Compass

9. Study The Local Rental Market

The best indicator for changes in the real estate industry I watch for is the number of rentals in any given area. If you are a landlord, in times when buying a house is more difficult via high interest rates or lack of funding for first-time homebuyers, rents generally go up. Rental rates will also go down when more people are buying homes. Supply and demand is what to watch for! – Nancy Wallace- Laabs, KBN Homes, LLC

10. Connect And Communicate With A Real Estate Professional

Many agents and brokers are happy to help and serve as a resource to potential clients. Start by connecting with someone to request a property or neighborhood-specific market update for data and information that is relevant to you and your specific needs. A lot of info out there may not be applicable to you. Trying to navigate without an expert is like driving to a new place without GPS or a map. – Catherine Kuo, Elite Homes | Christie’s International Real Estate

11. Follow The Jobs

Real estate opportunities generally follow employment opportunities. To use James Carville’s phrase in a new way, “It’s the jobs, stupid.” Unemployment and job creation numbers are all key indices for me. Also, follow the banks. It was a rule of thumb for a while for me. Big banks have great real estate teams. If there’s a new branch, take a look near there for a value opportunity. – Amy Tiemann, TM1 Properties

12. Combine Global And Local Information

There are general trends that are impacting the entire real estate industry and there are other trends that are very local. With so much information flying around, it can be a bit confusing, but look for overlapping commentary. These tend to be the views shared by the experts. Lastly, consult with your trusted real estate advisor. We are following the market and can provide some insight. – Kofi Nartey, SOCIETY Real Estate + Development

13. Invest With Identifiable Proven Trends

Real estate trends tend to move in months and years, not days or minutes like the stock market. As such, changes can be relatively predictable if an investor pays attention to key market drivers. For multifamily investments, key drivers are population growth, job growth and increasing average income. Aligning investments where these trends are positive will provide a lot of room for error. – Bruce Fraser, Elkhorn Capital Partners

14. Watch For Withdrawn Listings

In the past few weeks, we’ve seen a new marketplace unintentionally created for active buyers: withdrawn listings. Sellers are taking advantage of this option to reset their days on the market while still staying engaged in the process. But buyers won’t be able to see these listings on their own, so having an agent is more important now than ever to identify opportunities that might transact off-market. – Jennifer Anderson, Anderson Coastal Group Expert Panel®

Source : Forbes