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Updated over 6 years ago on . Most recent reply

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Ashley Martin
  • Bar Harbor, ME
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Knowing your Market — Am I missing something?

Ashley Martin
  • Bar Harbor, ME
Posted

Good day PB folks,

As you may have noticed from the title of this post, let's just say as I'm new to the real estate investing world as the come back of the fidget spinners. I am learning everyday, listening to the Money Podcast and the REI Podcast but keep hitting a bump: all the guests repeat over, and over again: "know your market". But what does that mean exactly?

From what I gathered, here’s what to look over:

- Job growth vs. Population growth

.... And to that I ask:

- What would be a good percentage growth to look for?

- I assume that if the job market is dominated by

tech and healthcare (for example) would be considered reliable, are they fields and industries to stay away from?

- Demographics, crime rate, median household income

- Good school districts (isn’t that once you have found a good market?)

- Good public transportation

Am I missing anything major (or minor?) over here? Any feedback/ book recommendations is greatly appreciated!

Have a good day 😊

Most Popular Reply

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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
5,160
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6,192
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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
ModeratorReplied

@Ashley Martin - those are all blanket stats and good to know, but markets are different neighborhood to neighborhood and sometimes block to block.  "Knowing your market" to me is walking into a property and being able to decide if you will offer and what you will offer on the top of your head.

It takes much more than googling stats.  

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