All Real Estate Is Local! 6 examples
One of the realities of real estate is that most things are local, and each specific market is unique or different in some specific way. We often read, or hear in the national media, about certain housing trends, trends, challenges, and opportunities, some of which might also apply to your local area, while others might not! For that reason, this article will attempt to explore, examine, consider, review and briefly discuss 6 examples that demonstrate this reality and why it is so important for buyers and sellers to discuss desired local real estate. market, with a professional and quality agent.
1. Some areas outperform; others under – perform: Depending on where you are looking, price trends, etc., they may outperform or underperform national trends. Some areas have certain idiosyncrasies, characteristics, strengths, weaknesses, and/or tendencies, while others don’t! Even when the national trend might be, say, a seller’s market, that may not be the case everywhere. Factors like safety, perceptions, convenience, supply and demand, etc. could contribute to this!
two. Safety: Unless an area is safe, both in reality and perceived, prices will be negatively affected! In this internet age, buyers have easy access to data and therefore the safer the area, the more positive the effect on prices and sales.
3. Convenient: Although few people want to live directly next to highways or public transportation (eg, train tracks), most buyers are looking to live, where it is somewhat convenient, or at least not perceived as inconvenient. ! How close are stores such as grocery/supermarkets, pharmacies, restaurants, and other sought after items, for some such as houses of worship, ease of transportation, etc.?
Four. Schools: The quality of the local school system has a huge impact on home prices and sales. However, on the negative side, this must be somewhat balanced, due to the effect of school taxes on the cost of owning and maintaining a house, in a specific location.
5. Tax: Since most people should choose a home where their monthly maintenance charges are manageable, be careful to compare your property taxes to those in competitive areas.
6. Offer and demand: The housing market is an excellent example of the economic principle of supply and demand. When there are more sellers than buyers, it becomes a Seller’s Market, and when there are more buyers than sellers, it becomes a Seller’s Market. The local area may be different from the national!
There are many advantages to hiring a qualified, quality real estate agent, rather than doing it yourself, and one of the keys is their local knowledge and experience. Be careful and be prepared, proceeding in the best possible way!