None of us are immune to the constant stream of negative news about the real estate market. There’s no denying the fact that the market has suffered, along with our country’s economy, over the past couple of years.
Unfortunately, this has created a serious dilemma as many consumers unwittingly base their real estate decisions on national media reports. Those of us in the industry live by the term “all real estate is local,” and as a consumer, so should you—otherwise, you run the risk of making an irreversible real estate mistake.
The truth, which you won’t find in the national media, is that real estate markets not only vary from region to region but from county to county, neighborhood to neighborhood…even street to street. I know from my national network of leading real estate professionals, The Top 5 in Real Estate Network®, that there is tremendous variation in home sales prices from locality to locality, and that buyers and sellers are often heading into—or worse, avoiding all together—a real estate investment based on misinformation from national media reporting.
Therefore, if you are thinking about buying or selling a home, it’s essential that you talk to a seasoned real estate professional in the areas you’re considering. Keep the following tips in mind when considering a real estate sale or purchase:
1. Consult with a local real estate professional—like a Member of Top 5—for the most up-to-date information on the local market.
2. Ask for statistical reports and trend graphs—the hard facts. Real estate professionals have access to actual data that can be broken down into extremely finite components, such as a particular street or neighborhood.
3. Ask for comparative reports for the last 3-4 months of the current year, versus the previous year. This will reveal the latest market trend and provide you with concrete facts.
4. Media reports can vary widely based on state, city, and neighborhood – read, listen, learn, but always revert to the facts for the specific area in which you are looking, especially if you are relocating to a different state or region.
5. Also take seasonal considerations into account. In vacation-destination areas, the numbers will vary greatly from national and state data.
For many real estate consumers, today’s market is an unbelievable opportunity to buy or move up to a different home. Don’t let the national headlines scare you away. Consult with a local real estate professional to get only the facts that matter to your specific situation and location.
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