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.