Regardless of the property type, the agent or investor will typically use specific types of data to complete their market analysis. There is information on the property’s location, and then there is information regarding the specific property.
Market data
Market data deals with people. Economic, demographic, and lifestyle data is used to help determine the demand for a property. Never thought that economics class would come in handy, did you? As a refresher course, the breakdown works like this:
Economic data refers to data regarding employment by industry. Employment is an important economic indicator, as changes in employment changes demand for real estate. In other words, more people, more buying. Simple, right?
Macroeconomics pertains to the study of the overall economy. The conditions of the national economy can have a direct effect on the local economy. The study of the local economy would be called microeconomics. When industries and services experience a change in demand for their products and services, the area in which the industry is located will be affected.
In simpler terms, supply and demand of people is not enough; there are other factors you must consider.
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