Market Researching Strategies

[Jameson Fecteau]

I was wondering if anyone was willing to offer insight to some of their best market researching strategies for markets not around your current area? Also, what is the most accurate way to view the housing market and its expansion of X number of years in a certain area?

I know people look for amenitized areas that draw buyers to the area, but how should I go about looking for the types of information listed above?

I'm new to real estate and young, so I want to be able to have this knowledge as early as possible! 

[Jameson Fecteau]

Originally posted by @Taylor L.:

First, figure out what you want to know. In my business, we buy apartment complexes and execute value add strategies. Therefore, we need strong rental demand. Strong rental demand means we need people - preferably more people every year (population growth). Why do people move? Generally, it's for work. So we need job growth. We also want to make sure the jobs aren't too heavily weighted to one industry, so we look at the economic diversity as well. We also need to make sure there aren't too many new apartments being built, so we look at those numbers as well.

We get all of that data the hard way. Census.gov, Bureau of Labor Statistics, local Chambers of Commerce, and other online data sources. Google is your friend. 

Then, once you pick a couple good markets, go there! Boots on the ground are very valuable. You don't have to stay, but go there and drive around for a couple of days. Look at the product on the market.

Thank you so much, this helped a ton.