The number one thing you should do when purchasing real estate is this: Know the inventory. If you’re in the market to buy real estate, you must be extremely familiar with all the properties out there. This goes for buying your first home, your forever home, an investment property and everything in between. Don’t rely on your realtor or anyone else to tell you about the available properties. You must get out there and physically see the properties for yourself (preferably with your agent so you can discuss them together). Once you know what’s out there, you will know what different properties are worth, and you’ll be able to make an educated and informed purchase.
The time you spend viewing properties that are for sale and following the market during the time you’re buying will pay off. Yes, it is time consuming, and you might rather be doing something else, but that understanding and knowledge you will have will allow you to make wise, informed and hopefully lucrative decisions.