In 1964, Bob Dylan wrote a song titled The Times They Are A Changin' and 50 years later the times are still changing. As a real estate agent, I am often asked about market conditions and inventory status. There is a phrase in this business that all real estate is local, and it is true, to a certain degree. Mortgage rules and regulations, federal housing laws and compliance issues are not necessarily local and apply to all homeowners. State laws, transfer taxes and disclosure requirements are also applied equally to transactions throughout the entire state.
"Local" is what matters to buyers and sellers in their town, in the moment. The area I service is on the southern coast of New Jersey. It is not far from Atlantic City but what is happening to "the world's playground" may barely cause a ripple just 40 miles down the coast. The towns of Avalon, Stone Harbor, Sea Isle and points south are full of summer visitors and second home owners. The knowledge they need from a real estate agent is what is going on in their town at that moment that would affect a decision to buy or sell.
A good agent will have the knowledge or the resources to gather the information necessary to assist in the sale or purchase of a property. A good agent will know whether it is high tide (sell) or low tide (buy) and a great agent will know if the tides in the market are a changin'.