Unreliable Information about The Real Estate Market
Americans are hearing and seeing TV stories regarding the national real estate market. Such a national market 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.
A national survey called the American Housing Survey most recently concludes that there are 124,377,000 homes which are in:
There are 50 states, with more than 30,000 incorporated cities, and with an innumerable number of neighborhoods.
And yet, the media repeatedly groups all 124 million homes into one giant lump and then gives an analysis. No matter how you slice and dice the data, a home in Oregon can’t be compared to a home in Mississippi. This is why national real estate statistics are somewhat useless.
National real estate statistics are not useful. Look at a “local” real estate analysis for useful information. I’m referring to statistics from your “neighborhood” not your state. This is the best way to learn what is driving your neighborhood market.
However, it can be difficult to locate the needed information. The media won’t tell you about such a small area. Therefore, consult a local real estate agent or someone who can get the raw data for information.
Your neighborhood real estate professional, who knows your market can provide a much clearer picture, positive or negative, of your locality than the national media.
The idea of a national real estate market is a fallacy. The price of bread may be the same or similar from city to city but real estate is not. If you want local statistics, pursue the data locally.
If you are in the market to Buy a Home then check out Rob Kosbergs’ Detailed FREE Guide on Buying your Dream Home with a Zero Down Mortgage or for up to date Mortgage info visit my Mortgage Blog