Tips for learning my market?

Question

Hi everyone! I am wondering what are some resources, preferably free, to get market data for the area I work in? I have lived in Charlotte for 14 years so I know school districts, the different areas, age of certain areas, you know the stuff you should know when you've lived somewhere for 10+ years. I am looking for more detailed information, like the supply over past 6 months, future population projections, anticipated increases in income, things like that. If anyone has a site they use to get this info or if you know who in my local government would have that I would appreciate it if you could pass that along to me!

Thanks!

Account Closed · Answer

When I move to a new market I set up meetings with brokers, city planners, urban development, lenders, etc. and that's all I do for like a week straight. You will get so much out of this you wouldn't even believe it.

Matt Mulvihill · Answer

Well it's been 8 months since I posted this and I really have to say the best way to learn it is just by going out and seeing it. One thing that has helped me, and maybe can help someone else, is look where commercial properties are going. If there is a new shopping area being built in what seems like the middle of nowhere, odds are those people know something you don't and that area could have some great upside potential!

Matt Mulvihill · Answer

@Spence Kal Thank you! Getting started is easier said than done lol. That is absolutely correct, chik fil a only costs 10k to start a franchise, however almost none get approved because they are very strategic with where they put their locations. Another tip I have learned is attending/listening to county zoning meetings. As an example, I am in Charlotte and we use a light rail system. County meetings discuss extensions of the light rail before anyone else knows about it so if you work with investors you can say "the county just approved the light rail to extend to Fort Mill SC" and since that actually increases property value it might be good to buy along that track before word gets out so you can gain equity fairly quickly.

Obviously I wouldnt say exactly that but that is the kind of info you can gather that other agents are too lazy to get which gives you a great advantage over your competition

Brian D. Beatty · Answer

Matt,

Not sure if your MLS is similar to mine? Look for RPR in your subscription. This is one of the best data programs that can be done by any location, state, city, zip code (even specific neighborhoods) or radius from a specific location. They have plenty of free trainings, through their tutorials on how to best use their features. It is also a great resource for building CMA's.

Brian D. Beatty · Answer

Matt,

Check the Local Realtors Organization, for monthly market reports, this will give you a good source on where you market trends happen (historically), like which months have the most volume of Sellers, Buyers, Types of properties and what type of sales (cash vs. financed). My local organization does a great job, breaking down from SFH & Condo/Townhome stats. They send it out every month, in a digital print form and a link to a Youtube video version. This is one type, should be free (with your paid organization fees). On our MLS we have access to RPR which you can all the reports for a specific neighborhood, zipcode  or city. These can give you similar stats, narrowed down to a specific area. I suggest viewing any open house, in your target market, get as much info from the List agent about what the Seller improved, how they came up with the value. Also look at vacant listings in your market, go start looking on your own, look at condition Vs. price. It will take some time, you will get a feel for what the market is doing. Try to focus on the price range you want to work, meaning don't look at $50K mobile homes and $1,000,000 listings, if your target market is $200k-$400K, become an expert in that market. Once you get one market down, you can transition to others. Also a lot of Title Companies have amazing apps available to Realtors, for free, that have some unbelievable data searches and ability to put together specific farm markets. Hope this helps!

Cassi Justiz · Answer

You should check and see if your MLS has data available. We have access to some really cool market data through Matrix.

Matthew Irish-Jones · Answer

@Matt Mulvihill if your an agent you should have access to tons of data in the MLS.  Inventory, homes sold, average sale price, etc...

Spence Kal · Answer

@Matt Mulvihill

Glad to see you’re making good progress! I’m just starting in a new area, and trying to find ways to get the pulse of the market as well, so I’d love to know others thoughts. It seems the MLS is a great source but there must be other ways that can make you stand out as an agent. I’ve heard to watch for a chik fil a popping up, because they do extensive research before choosing locations and want to see growth there for the next 10-20 years. Like what you said about commercial development. Also a realtor friend in a county near me has a local business member meetup, with some prominent local owners, and she says it’s a huge benefit in really getting to know how the market is moving. I’m curious to know if getting to know the commercial and business markets helps with home buyer knowledge as well, of if that time is better spent on the ground in residential areas.

Matthew Irish-Jones · Answer

@Matt Mulvihill a RE agent will have access to all of this.

Tips for learning my market?

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