I'll be the first to agree that real estate markets are, for the most part, local. You'll see a wide range of differences between sold prices and market times, and prices will vary widely by zip code and neighborhood. But speaking knowledgeably about real estate markets takes more than just knowing the neighborhood or community.
Here are some factors that are NOT necessarily local:
Lending rates and terms - You won't always see a huge difference in rates between your local bank and a mega-lender like Wells Fargo or Bank of America. We all know where mortage interest rates come from and … (0 comments)
real estate is local: 2009 Offers an Opportunity to Put Aside Real Estate Market Cliches
- 01/01/09 01:04 AM
The public is tired of hearing that "real estate is local". Okay, real estate sales conditions are local. That is pretty obvious. But, at the same time, NAR uses this cliche phrase over and over in television and radio commercials, in an attempt to reassure the public. It almost sounds as if NAR is trying to persuade consumers that there are particular areas where the impact of the national economy goes completely unnoticed, like a sort of Shangri-La, where it never rains and the streets are paved with gold. The phrase "real estate is local" happens to be one of Lawrence Yun's favorite slogans (Yun is, after all, … (11 comments)
Related Links:
Eric Kodner
Wayzata Lakes Realty: Twin Cities, Madeline Island
Real Estate is Local but Some Factors Affecting Sales are More Global
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