Stories on TV about the national real estate market are misleading to Americans. This is because there is no such thing as a “national real estate market”.
There are 124,377,000 homes in the United States according to the most current American Housing Survey. These homes are within:
– 50 states
– Incorporated cities numbering more than 30,000 and
– Innumerable local neighborhoods
These 124 million homes get bunched together by the media and we hear the analysis of the undifferentiated clump of homes. These national statistics are not “one size fits all.” The market in Pocatello, will be different than the market in Boulder. National statistics are not helpful.
National real estate statistics are not useful.
Look at a “local” real estate analysis for useful information. I’m referring to statistics from your “neighborhood” not your state. This is the best way to learn what is driving your neighborhood 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.
A local professional will know the market and will be better able to give you the information, “thumbs up” or “thumbs down “than any national media expert.
Real estate is a local market so your real estate data should be local, too.