6 Ways, Real Estate Is Local

Homeowners, considering selling their homes, should, recognize, consider, and understand, much of, real estate, is local! After, more than a decade, as a Real Estate Licensed Salesperson, in the State of New York, I have often, been asked, why a particular house, does not appreciate, at the same pace, as, either, the national average, or certain, nearby neighborhoods. I explain to them, much about real estate, applies, in nearly every area, but a considerable aspect, to realize, and understand, is real estate is, to a very large degree, local. With that in mind, this article will attempt to briefly consider, review, and discuss, 6 ways, every local market is somewhat unique, and this, often impacts, pricing, etc.

1. Schools: Potential home buyers, especially those with, school – age, children, pay close attention, to the local school system, and how, it compares with surrounding areas. Many will pay attention to how, it impacts, their real estate taxes, and whether, they believe, this quality, is worth the price – tag. While there are pros and cons, when one balances the costs, versus the value, in most cases, neighborhoods, with the best schools, garner higher prices.

2. Safety: People want to live in areas, where they feel, safe and secure! Remember, there are public, published records, of how many, and the types of crimes, committed, in a particular region, and, in today’s, digital world, potential buyers realize, they can find out, these types of things!

3. Taxes: Some houses, in some neighborhoods, are taxed, far differently, to similar ones, elsewhere. Since, the vast majority of home buyers, use some sort of mortgage loan, for a significant portion of their payment, the amount of monthly installment, required, is a significant, relevant one. Real estate taxes, might become a significant factor, in this consideration.

4. Transportation: Most want to live, somewhere, where transportation is convenient, but, they don’t sacrifice, their peace, and quiet, by living too close to a major artery. For some, this means, convenience to access to highways, and/ or other significant roads, while, for others, it means, public transportation issues. Buyers are generally, willing, to pay, for this consideration!

5. Local economy: How do people, perceive the local economy, to be? How does it compare in one area, as opposed to others? How many potential buyers, versus properties, available on market, makes a significant difference!

6. Local job market: Is the local job market, and employment, stronger, or weaker, in this, specific region?

Much about real estate, depends on local issues, and markets! Those who understand, and pay keen attention, will better understand, the specific considerations, involved.

Selling

Where Does Your Money Go When You Sell Your House?

When you decide to put your house up for sale, you can guarantee you’ll incur expenses before the sale. Here’s a list to help you plan. These might not all pertain to you but you can bet at least some of them will. Home staging: Your real estate broker might recommend bringing in a home […]

Read More
Selling

How to Sell Your Property Privately?

Looking to sell your home without an agent? Yes, it is possible to sell a property privately. When you sell without an agent, you save on the commission to be paid which can be exorbitant. But is it easy to sell on your own? Well! The answer to this is that selling a home on […]

Read More
Selling

Trends In The Housing Market in 2018

As 2018 progresses, the housing market is undergoing numerous changes. While experts try to decide which direction it will ultimately go this year, buyers and sellers are finding themselves with a number of options. From finding properties priced lower than anticipated in some parts of the country to some areas lacking a solid inventory of […]

Read More