Americans are hearing and seeing TV stories regarding the national real estate market. Such a national market does not exist.
Without a doubt there are many states, cities and neighborhoods that have fared well during the real estate crisis. Some areas have seen real estate values stay flat while others have even seen a slight increase. The data differs from area to area so consider these facts.
Consider the latest American Housing Survey. It found that there are 124,377,000 homes in America spread across:
The data is based on all 50 states and there are too many neighborhoods to count with more than 30,000 incorporated cities.
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.
If you want useful data, you need to find the local real estate analysis. You will want data from your specific neighborhood, not the entire state. This data will show what drives the local market.
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.
Your neighborhood real estate professional, who knows your market can provide a much clearer picture, positive or negative, of your locality than the national media.
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.
If you are in the market to Buy a Home then check out Rob Kosbergs’ Detailed FREE Report on Buying your Dream Home with a Zero Down Mortgage or for up to date Mortgage info visit my Mortgage Blog