Americans are hearing and seeing TV stories regarding the national real estate market. Such a national market does not exist.
Unquestionably there are many neighborhoods, towns, cities and states that have shown signs of strength during this real estate depression. There are neighborhoods in depressed cities whose home values have remained flat or even shown an increase in median price. Every state has cities that have bucked the trends and every city has neighborhoods that have. Think about the following information.
A national survey called the American Housing Survey most recently concludes that there are 124,377,000 homes which are in:
The information is collected from all 50 states as well as Incorporated cities numbering more than 30,000 and Innumerable local neighborhoods.
Our media clumps the 124 million homes in a huge group and attempts to analyze their data. It doesn’t matter one iota how the media presents this because houses in Los Angeles can’t be compared to houses in Pittsburgh.
To get real estate analysis that matters, look local instead. And I don’t mean stats from your state — I mean stats from your neighborhood. It’s the only way to know what’s driving home prices on your street.
However, it can be difficult to locate the needed information. The media won’t tell you about such a small area. Therefore, consult a local real estate agent or someone who can get the raw data for information.
A local professional will know the market and will be better able to give you the information, “thumbs up” or “thumbs down “than any national media expert.
There is no such thing as a national real estate market. The national media speaks in generalities as it would be impossible to be specific. The price of a gallon of milk may be similar from state to state but not real estate. Don’t worry about what you hear on a national level. Real estate statistics for a local market should be local.
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