When you read or watch the news about the real estate market, it may seem reasonable to make the assumption that the information applies equally to your street or community.
But, that isn’t always true.
In fact, the characteristics of your local real estate market can differ in many respects from the regional or national market.
Say the regional real estate market is most active during certain months of the year. That might be true of your neighbourhood, too. But, there may also be some caveats. If, for example, buyers are eagerly awaiting listings to come up in your community, then that micro market might heat up faster than other areas in the region.
Knowing how your local market works and how it differs from the larger regional market is crucial when selling. It helps you decide when it’s best to list and helps to ensure your home sells quickly and for a good price. That’s a strategic advantage.
Understanding the local market also helps when buying. Imagine acting only on regional or national market statistics without knowing the unique market characteristics of a neighbourhood you’re hoping to buy into. You could end up missing opportunities. You don’t want that!
So, pay attention to the local real estate market. Get the latest information on what’s happening.