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 in your local market. Evaluating present and future trends and influences in your region or neighborhood is essential to creating long term wealth, whether you are in a buyer’s or a seller’s market. And David Lereah, as the Chief Economist for the National Association of Realtors, shows you how to determine the conditions in your neighborhood. Lereah reveals how to:
Evaluate the DNA of homes in the town or county or region you are considering (every town has its own real estate DNA–the characteristics that make a region or city more or less desirable to live in).
Determine whether property values in your targeted neighborhood are on the rise.
Research future real estate influences and trends, from migration into or out of the region, to plans to attract or develop new businesses in the area.
Understand the local factors that can affect your investment in the future.
Countless books offer advice on how to buy and sell a home. But ALL REAL ESTATE IS LOCAL is the first book to explain how knowing the ins and outs of the local market you are targeting is essential to deciding when, where, and what to buy.
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,… More about David Lereah