“It isn’t happening here so I’m not worried about it!” Short term indifference can have long term consequences.

By
Real Estate Broker/Owner with Richard Weisser Realty

“It isn’t happening here so I’m not worried about it!” Short term indifference can have long term consequences.Real estate is local. That statement is as true today as it ever has been. Every region has its own local economy, quality of life, and amenities that attract potential residents and retain those that currently reside there.

But we live in a mobile society, and the notion of economic immunity can lead to disastrous consequences down the road. There are times when economics are so compelling that even the strongest markets will eventually suffer.

When other areas of the country are offering the same product with similar amenities for a quarter of the price, lower costs of living, and lower taxes, it’s just a matter of time before the ripple effect erodes away the foundations of stability.

Do not look at the hardest hit markets as “there but for the grace of God go I.”

Instead, look at is as the future.

And plan for it.

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Rainmaker
240,587
Faith LaRosse
Springer Realty Group - Wyomissing, PA
Serving Berks, Chester & Montgomery Counties

CAN NOT repeat that often enough, Richard~ REAL ESTATE IS LOCAL...this is a big part of the economic mindset that is helping to fuel the slower markets in some places!

Jul 15, 2011 01:11 AM #1
Rainmaker
1,122,617
Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Words of wisdom Richard.  I am experiencing a good and steady market yet never take it for granted and I am planning for the future for sure.

Jul 15, 2011 01:20 AM #2
Rainmaker
1,158,838
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

We have been in the tough market so its almost hard to see the finish to it.

Jul 15, 2011 01:22 AM #3
Ambassador
1,726,269
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Faith...

And competitive is well! Thanks for the comment.

Paula...

Especially when HUGE metropolises like Atlanta offer such bargains. Thanks my friend.

Chuck...

We are years away too. Thanks for adding to the conversation.

Jul 15, 2011 01:35 AM #4
Rainmaker
1,958,680
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Real estate is local, fixed position. But the real estate buyer for it should not be limited to local. Open the media stream flood gates and broadcasting further with frequency, reach and lasso more eyeballs, eardrums and widen the buyer real estate field.

And as for markets, there are some hard hit ones that seem to get so much of the press. But realize the low cost rural markets get through just about anything fine and dandy. Because way way less zeroes in the property prices, the urge to get places paid off and low FSSR.

Jul 15, 2011 01:41 AM #5
Ambassador
1,726,269
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Andy...

Maine has one of the best combinations of price, local flavor, and beautiful countryside that I have ever seen. Who knows, I may even wind up there myself one day!

Jul 15, 2011 01:52 AM #6
Rainmaker
3,860,424
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Richard,

You have expounded some great advice. I know I'm fortunate to be in a position of experiencing great business in a much better market than most but one that still has its challenges. I do not take my success for granted and am constantly working towards improving my service and adjusting my business plan. "Anticipation" is the key in this market.

Jul 15, 2011 02:17 AM #7
Rainmaker
3,205,468
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Wise words again Richard...I don't know how you continue to write insightful posts each and every day, but keep them coming!

Jul 15, 2011 03:05 AM #8
Rainmaker
3,983,763
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Richard...that is part of our problem, people are living in the past.  The people who will do good coming up are the ones looking to the future.

Jul 15, 2011 03:35 AM #9
Rainer
11,213
R. Dwelling
Roaring Branch, PA

Sooner or later the ripple effect will impact local markets.  I agree that the best plan is to be proactive instead of reactive.

Jul 15, 2011 03:49 AM #10
Ambassador
1,882,194
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Economies are local, state, national and global. Some things you can buy online from across the country and ship it in at a lower cost. A house in a neighborhood, is priced based on that neighborhood. We just have to live in reality with EVERYTHING.

Jul 15, 2011 04:28 AM #11
Ambassador
1,726,269
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Dorie...

It just pays to plan ahead. THX.

Kristin...

THX, I really appreciate the kind words.

Bill...

Things will NEVER be the same. Thanks.

R...

Indeed it will. Thx.

Gary...

What I am saying is that in today's world, a neighborhood in Dallas is TRULY competing with a neighborhood in Newnan GA. We have high speed Internet and 4G here, and MANY jobs are no longer region exclusive.

Jul 15, 2011 05:10 AM #12
Ambassador
1,441,226
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Richard,

I work in a market that has strong employment, primarily because of the government. Even that though, can change in the blink of a vote in Congress.

Rich

Jul 15, 2011 02:45 PM #13
Rainmaker
1,524,488
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

The ripple effect is real.... It is just a matter of when and how stong the impact will be. Excellent insight!

Jul 17, 2011 01:24 AM #14
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