To quantify population migration trends that affect the buyer and seller pool in your market area, determine the answers to these questions
- Is your market place growing in population or are people migrating into your area?
- Is your market place losing population or are people leaving your area?
- Where are new residents coming from geographically?
- What are current residents going when they move away?
- At what rate are people arriving or leaving your area?
- What economic factors are driving population changes (such as jobs, unemployment, and business growth) in your marketplace?
If your answers lead you to believe that a population boom is pending, prepare yourself and your clients to take advantage of a seller’s market and the positive effects of a high demand, low supply market situation.
Conversely, if your answers lead you to believe that a population exodus is beginning to take place, you can steer buyer and seller decisions with that knowledge in mind.
