Everything in Real Estate Is Local – 6 Case Studies
One of the realities of real estate is that the majority of things are local, and each market is distinct in some way. We frequently read or hear about certain housing trends, challenges and opportunities in the national media, some of which may or may not apply to your local area.
As a result, this article will attempt to briefly examine, consider, review, and discuss six examples that demonstrate this reality, as well as why buyers and sellers must discuss the desired, local real estate market with a quality, professional agent.
1. Some Areas Should Be Performed Outside, While Others Should Be Performed Inside
Pricing trends, for example, may outperform or under perform national trends, depending on where you’re looking. Certain characteristics, strengths, weaknesses, and/or tendencies exist in some areas but not in others!
Even if the national trend is, say, a seller’s market, that might not be the case everywhere. Safety, perceptions, convenience, supply and demand, and other factors could all play a role!
Pricing will be negatively impacted unless an area is both physically and psychologically safe! Buyers have ready access to data in this age of the Internet, so the safer the area, the more positive the effect on pricing and selling!
While few people want to live next to highways or mass transit (for example, train tracks), most buyers want to live somewhere that is either somewhat convenient or not perceived as inconvenient! For some, how close are stores like grocery/supermarkets, pharmacies, restaurants, and other desired items like Houses of Worship, ease of commuting, and so on?
The quality of a community’s school system has a significant impact on home prices and sales. On the downside, however, because of the impact of school taxes on the cost of owning and maintaining a home in a specific location, this must be somewhat balanced.
Because the majority of people must choose a home where their monthly carrying costs are manageable, compare your real estate taxes to those in neighboring areas.
6. Supply and Demand
The housing market is a great example of supply and demand in economics. A Sellers Market occurs when there are more sellers than buyers, and a Buyers Market occurs when there are more buyers than sellers. It’s possible that the local area differs from the national one!
There are numerous benefits to hiring a qualified real estate agent rather than doing it yourself, one of which is their local knowledge and expertise. Be cautious and prepared, and proceed as efficiently as possible!
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