All Real Estate Is Local
What You Need to Know to Profit in Real Estate - in a Buyer's and a Seller's Market
Whatever the national trends are with regard to real estate – whether they are booming or busting–what really matters is what the market conditions are in your region, town, or neighborhood. For as David Lereah points out, in the end, all real estate is local.
What does that mean? Even during the real estate boom of 2001-2005, a great many cities and regions did not participate in the boom–they lagged behind, or even decreased in value. Similarly, when prices began to fall nationally, there were plenty of regions and locales where prices rose, and sales boomed. As Lereah makes clear, the most important factor in buying or selling a home isn’t what is going on nationally–it is what is going on…
David Lereah is Senior Vice President and Chief Economist of the National Association of Realtors. His economic and real estate market commentary is regularly quoted in the Wall Street Journal, the New York Times, and BusinessWeek, and on CNN, CNBC, and other media. He lives in Fairfax Station, Virginia.
