All Real Estate Is Local! 6 Examples

Richard Brody  |  July 27, 2018

One of the realities of real estate is, most things are local, and every specific market, is unique, or different, in some, specific way. We often read, or hear in the national media, about certain housing trends, tendencies, 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 briefly explore, examine, consider, review, and discuss, 6 examples, which demonstrate this reality, and, why, it’s so important, for buyers and sellers, to discuss the desired, local real estate market, with a quality, professional agent.

1. Some areas out – perform; others under – perform: Depending on where you are considering, the pricing trends, etc, might, either, over, or under – perform, the national trends. Some areas have certain idiosyncracies, characteristics, strengths, weaknesses, and/ or tendencies, which others might not! Even when the national trend might be, for example, a seller’s market, that may not be the case, everywhere. Factors, such as safety, perceptions, convenience, supply – and – demand, etc. might contribute to this!

2. Safety: Unless an area is, both, actually, as well as perceived, as being safe, pricing will be negatively impacted! In this age of the Internet, buyers have ready access, to the data, and, thus, the safer the area, the more positive, the effect on pricing and selling!

3. Convenient: Although, few people, want to live, directly next to, either, highways, or mass transit (for example, train tracks), most buyers seek to live, where it is somewhat convenient, or, at least, not perceived as being 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 commuting, etc?

4. Schools: The quality of the local school system, has a major impact on home pricing and sales. On the negative side, however, this must be somewhat balanced, because of the effect of school taxes, on the cost of owning and maintaining a house, in a specific location.

5. Taxes: Since most people must choose, a house, where their monthly carrying charges, are controllable, pay attention, to comparing, your real estate taxes, to those, in competing areas.

6. Supply and demand: The housing market is a prime example of the economic principle of Supply and Demand. When there are more sellers than buyers, it becomes a Sellers Market, and when more buyers than sellers, a Sellers Market. The local area might be different than the national one!

There are many advantages to hiring a quality, qualified, real estate agent, rather than doing it, yourself, and one of the key ones, is their local knowledge, and expertise, Beware, and prepare, proceeding in the best possible manner!