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Reminder: Real Estate really is LOCAL.....

Reminder: Real Estate really is LOCAL.....
by Kaushik Sirkar, Chandler REALTOR®
Chandler AZ Real Estate

We see articles all the time about the state of the real estate market. National median resale price down X %. Builder starts down from X.6 million to X.2 million. Rents rising nationwide. Slow market. Fast market. Houses selling like hotcakes across America. Etc.

What does all this mean? Well, as a good friend of mine always says, 'it is what it is'. The national statistics are not lies. They are accurate reports of nationwide trends and statistics. The information is likely factual and all persons involved in our industry (I would think) should be aware of what is going on throughout the country as a whole in their profession.

But it also may not mean diddly!

We must remember to separate ourselves and our local markets from the national trends/statistics. There is such a HUGE variety in the types/ranges of markets present in this country. I love taking a look at some of the local statistics as reported on money.cnn.com.

Sure, as more and more markets demonstrate declines in median price, the national picture will appear more 'gloomy'. But tell that to folks who bought homes in Atlantic City or Salt Lake city in '05. They saw 20+ % apprecation within 1 year (an awesome return in this man's book). Various locales in Texas, Utah, Oregon, North Carolina and New Mexico (just to name a few) saw DOUBLE DIGIT APPRECIATION from Q405' to Q406'. If you were, for example, a real estate investor who decided to listen to various national statistics and prognostications, you may have sat out this one year period. But if you paid attention to the local economics, spoke to a local expert (there happen to be quite a few here on AR) then you might have done quite well for yourself in this 'down' period.

Once again, remember that REAL ESTATE IS LOCAL! Even within various major metropolitan areas that are numerous submarkets. Do your research. Then do some more research. Then find an expert in that area with whom you can work towards a common goal. This applies whether your are talking about your first home, your dream home or investment property.

Thanks for Reading :)

Kaushik Sirkar, Chandler Realtor
http://www.homesphx.com

Posted by Kaushik Sirkar on 02/26/2007 01:06 AM

Comments (10)

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10 Comments on Reminder: Real Estate really is LOCAL.....

I wrote a self-gratuitous but related post here.

I linked back to this article

02/26/2007 11:07 AM

by America's #1 Mortgage Broker

Brian - thanks for the link. I certainly wouldn't have argued with your post back in November and I don't think anyone could argue with it today! A little self-gratuity never hurt anybody!

02/26/2007 04:59 PM

by Kaushik Sirkar (Call Realty, Inc.)

You are right Kaushik, each market is different and that is what we need to be concentrating on. But the most important thing to me is that no matter what type of market we are in, we need to always be in a positive market when it comes to our attitude.

02/26/2007 06:05 PM

by George Souto (McCue Mortgage Co.)

George - Without a doubt. Attitude when dealing with clients - we must have a positive outlook. Now, that doesn't mean we say its a buyers market when its a sellers market or vice versa. We certainly don't promise or suggest 58.45% appreciation in the next year. But we stay positive in our interactions and demeanor!

02/26/2007 10:07 PM

by Kaushik Sirkar (Call Realty, Inc.)

You can't say it often enough. we should also shout it from the rooftops. Yes, it is local, no matter what the media say. Our markets aren't average, they are local!

02/26/2007 11:03 PM

by Eloise Gift, New Mexico Real Estate (Eloise Gift-Keller Williams)

Eloise - No doubt!

02/27/2007 11:42 AM

by Kaushik Sirkar (Call Realty, Inc.)

Kaushik,

Not only is it local, but it's Personal! Each buyer and seller has their own perspective, their own reason for purchasing or selling, where they want to live, etc. The news does tend to sway people though. I hear from my buyers about what they are hearing and it makes them hesitate in their decisions.

We, as Realtors have to really know what is going on in our areas, by our own research, not what we read.

Good post.

02/27/2007 08:50 PM

by Karen Hurst ~ Real Estate Broker ~ Warwick ~ Rhode Island (Storm Realty LLC)

Karen - Very true. It is very helpful for us to truly understand why the client is buying/selling. Its kind of an innate ability...thanks for your comment!

03/02/2007 12:34 AM

by Kaushik Sirkar (Call Realty, Inc.)

Kaushik,

I have to repeat this to people on a weekly basis. The most frustrating thing is seeing articles from well-known publications that treat real estate on a national aggregate level and don't acknowledge the local nature of it. Good post!

- Tchaka Owen
http://tchakaowen.blogspot.com/

03/02/2007 03:25 AM

by Tchaka Owen (Elite Coastal Properties)

Tchaka - Way too many 'reputable' national publications do this. Thanks!

03/02/2007 08:34 PM

by Kaushik Sirkar (Call Realty, Inc.)

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