OfflineIn Dean's new book, "Profit from Real Estate Right Now," Dean discusses the cycles of each market and whether your in an up or down market and you may need to adjust your strategy based on the market cycle. This is so critical to understand where your local market may be in a cycle at any given point in time. There are longer cycles and shorter cycles, there are seasonal cycles, especially in the midwest, economic cycles, etc. Thus, the more you understand about your target market investment area the better you will be able to craft and draft your offer for future deals.
In an earlier post, I went into detail on how and why I compile "my property tracking radar book". The other information I like to track is how hot or cold a market may be and try to understand what is driving that market. I have a temperature gauge for the market...is it Frozen?....Ice Cold?....Cold?...Warm?...Hot?...or Boiling?
Based on how quickly homes are selling, based on days on the market and understanding the trend of pricing for those homes will determine how the market temperature is doing. If the average 3 bedroom 2 bath 1,000 square foot home is selling in an average of 30 days for $89,000 and then in July 2009 the average goes to 20 days and the price goes to $95,000 on average, I look at all factors and try to determine what is happening.
Thus, you may be able to find greater deals when you determine the upswing of a market area if you know what may be driving recent sales. I hope this helps. Good luck to you with REI and I hope your real estate market is "hot" from Hawaii to Alaska and also on the mainland from the East Coast to the West Coast. Believe and Achieve! 
- Joe
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Thanks Joe for taking the time to remind us that keeping track on an individual basis is important. Every area isn't the same as another. Circumstances are different in other places and times. I agree that knowing where the market is and where and why are important factors to keep track of. Keep record. AS always I wish you much success......Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
I liked Joe's comments, very helpful. I have a friend in my town who is called Indiana Joel! Thanks for the positive vibes!
Thanks for the insight and the comments and you are 100% correct. Even though some markets in your local area may be picking up there are other markets that are still on the decline. I noticed in the midwest that the very high end home sales have slowed down, the middle market homes are steady, the starter homes and REO home sales are beginning to pick up.
There is a seasonal influence such as the Spring Summer effect, so I am trying to determine how much this is effecting the market. I really believe the best time to buy and a great indicator will be late fall and the winter. The best time to buy a home, with the greatest number of deals available, I believe may be between the middle of November 2009 and January 2010. Most real estate agenst tell me this is the slow time of year and I believe that this year will be the year to buy!
So, I am preparing myself for a big winter buying frenzy in the midwest. Sometimes you just have to go with and be prepared with your gut feelings. I wish you continued success. Believe and Achieve!
- Joe
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Thanks for the nice comments. I am glad to hear that they are helpful. Also, thanks for sharing the news about another Indiana Joe in your town. We are not your "Average Joe's".
Good luck with your real estate investing. Believe and Achieve! 
- Joe
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Joe, it's amazing how just 2 towns over the area is overloaded with foreclosures. From all price ranges and types. So guess where Lubertha's going?
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
This sounds like a great opportuntiy for you. Good luck in the other 2 towns. I often think of fisherman, you need to continue to cast your net in a wider area and sometimes you may find big fish where no else might be fishing. Good luck catching the big deals and don't let any get away!
Looking forward to hearing more about the next "smokin hot" area. Believe and Achieve! 
- Joe
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Great and good luck !! Let us know.
Warm regards,
Paul
Joe thanks for the information and good luck !
Warm regards,
Paul T. La Moy