Tips for learning my market?

5 Replies

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! 

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!

Originally posted by @Matt Mulvihill :

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! 


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.