New Market Research
Hello everyone,
Due to my occupation, I find myself moving to a new part of the country every few years. Each time I move I am hesitant to purchase anything right away as it usually takes me a while to get a feel for the area and get comfortable with the local markets. I also notice that whenever I first arrive I am completely overwhelmed and don't even know where to start with my real estate market research. I should have a RE research system by now, as I have moved close to a dozen times in the last two decades but I don't. I often just play around with Google maps for a while and drive around aimlessly on the weekends until a neighborhood catches my eye. I noticed that there are some subscription services such as Local Market Monitor, which will indicate trending RE markets but these services can be pricey.
Basically, I'm curious as to what methods and techniques some of the more seasoned BP members use when they are first entering a new market to identify areas of interest.
I imagine that looking at "yield" is a good place to start, I just don't know where to find "yield" numbers for different areas, aside from calculating it myself.
I'll be moving to the Seattle/Tacoma area in a few months and was just hoping to get some guidance, not necessarily on "where" to look but "how" to look….if this makes sense. I guess my "plan" or lack thereof can be boiled down to this….
1. search on forums where people talk about the best neighborhoods in a certain city or area.
2. Google the area and study the amenities close by followed by a Google "street view" virtual tour.
3. Look at property prices on Zillow or Trulia then compare these prices to rental rates for these same areas of interest
4. Physically drive the neighborhood
5. Start attending "open houses"
Thats about it for me……There must be a better way.
-John