Do your homework!
NAR's State by State International Business Reports
We’ve all heard the age-old proverb, knowledge is power. Whether you are a politician, a fisherman, or a real estate professional, no matter the occupation, this adage offers sage advice. If you are trying to carve out a market in the global arena, the more specialized information you know about your local market, the more likely you are to achieve success. Even if you think you have a strong pulse on your local surroundings, research will tell you what, exactly, is going on. Whether you want to build your presence with inbound buyers, or with local immigrant communities, or with buyers of overseas properties, it is important to do your homework and stay informed.
This week, NAR released updated State by State International Business Reports. These reports present recent economic and demographic data related to international business activity in each state. If you think there isn’t any international business in your home state, think again! Globalization impacts all parts of the United States. NAR’s research team has compiled 51 reports — one per state and for the District of Columbia. Each report highlights state specific demographic and economic data covering a variety of topics:
- Population demographics: U.S. born, foreign born, naturalized, and non-U.S. citizen residents
- Main languages spoken in households
- Immigration and naturalization trends
- Non-immigrant visitors to the state
- Metro level economic, real estate, and commercial data (where available)
Whether you are new to the global market, or have been working with international buyers and sellers for years, take some time to find out what, globally, is going on in your neck of the woods.