Unreliable Information about The Real Estate Market
National TV and radio stories talk about something called the national real estate market. We are hearing about a market that does not exist.
There are many areas, cities and even whole states that have remained strong during the present real estate crisis. There are cities in hard hit states that have seen their home values remain relatively flat or even increase slightly. And, of course, there are some neighborhoods within cities that have outperformed others. When thinking of the real estate market remember this.
Consider the latest American Housing Survey. It found that there are 124,377,000 homes in America spread across:
The information is collected from all 50 states as well as Incorporated cities numbering more than 30,000 and Innumerable local neighborhoods.
These 124 million homes get bunched together by the media and we hear the analysis of the undifferentiated clump of homes. These national statistics are not “one size fits all.” The market in Pocatello, will be different than the market in Boulder. National statistics are not helpful.
To get real estate analysis that matters, look local instead. And I don’t mean stats from your state — I mean stats from your neighborhood. It’s the only way to know what’s driving home prices on your street.
Unfortunately, finding local data like this isn’t easy; it’s far too narrow to be covered by the press. So, the best place to get local real estate data is from a local real estate agent or from somebody else with access to raw real estate data in and around your neighborhood.
By talking to local professionals that know your backyard, you’ll get a much clearer picture of your local market — good or bad — than the national media could ever provide.
Remember, real estate is unlike a gallon of gas. Gas may be similar from state to state but not real estate. Don’t worry about the stories you hear on national media. Real estate is a local market so your real estate data should be local, too.
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