| Start your real estate market research with the | | | | go fast? Where are the good and bad areas? |
| U.S. Census information about a town. You want | | | | What are the good and bad things about the |
| to invest in a town that is growing, especially if | | | | town?Prior to moving to Tucson, Arizona, part of |
| you are investing in income properties. It's getting | | | | our real estate market research was to call |
| easier to do this now, with all the information | | | | people in potential towns to see if they owned a |
| available online. Just go to the official U.S. Census | | | | snow shovel. If they did, we crossed the town |
| site at you call the chamber of commerce, or the | | | | off the list. Two different places can both get 25 |
| local department of economic development, they | | | | inches of snow per year, but in one it stays all |
| may have a packet of statisics they can send | | | | winter, and in another it melts before noon. Our |
| you too, showing population figures, employment | | | | snow shovel question told us the truth behind the |
| mix, and more. These are a couple of the | | | | statistics.That was just a personal thing with us, |
| statistical tools and information that can help, but | | | | of course, but talking to people can tell you much |
| one of the easiest and most useful research | | | | that is more directly related to investing. In fact, a |
| tools, is talking.Real Estate Market Research - | | | | good local bar can be a great place to do your |
| Choosing a CityTalking is a great way to research | | | | research once you are in a town. Patrons will tell |
| a town. I once called the Chamber of Commerce | | | | you what big employers are about to move in or |
| of Deming, New Mexico. In the course of our | | | | out of the town, how fast homes are selling, |
| conversation, the chairman casually commented | | | | whether there are gangs, and much more.Ask |
| that the city was using up the water faster than | | | | which areas are improving, and which are getting |
| the aquifer was being replenished. I also learned | | | | worse. Listen for stories about noisy or |
| that they had no back-up plan. That was enough | | | | animal-infested areas. This kind of information is |
| to cross Deming off our list.When you want to | | | | important, but hard to get from the raw data. Of |
| know more about a town, use the phone. Use | | | | course, people do sometimes exaggerate, so try |
| any excuse to call anyone from a real estate | | | | to verify what you hear. Still, talking to people of |
| agent to a random resident. Ask questions about | | | | can be a great way to do real estate market |
| crime, whether the local government welcomes | | | | research.Steve Gillman has invested in real estate |
| new businesses, what the climate is like. Are | | | | for years. |
| houses sitting for sale for a long time, or do they | | | | |