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