National real estate data helps economists identify trends in the housing market, but it does little for local homebuyers, sellers, and Real Estate professionals.
Sure, the national real estate data is interesting, but it doesn’t really help unless it’s broken down into zip codes.
See, national real estate news typically comes to us as a large scale data dump. At any given moment, we could be looking at data that aggregates across as many as 128,203,000 homes from all 50 states! You simply cannot look at any one state as reflective of another – as they all have their own economic environments, and there are different factors that drive home values in each geographic region!
Shoot – it’s a matter of apples and oranges when you try to compare one neighborhood to another in your own city!
Dig Deep for True and Valuable Real Estate Value
The big picture can be interesting – but Florida real estate professionals need be sure they’re drilling down within our state’s data. You’ll find that each city is comprised of areas, and those areas can be broken down into neighborhoods and then sub-divided again into streets, with blocks.
It’s apparent that a random home in Alabama can’t be compared to a random home in California. Yet, that comparison is exactly what you’re getting with national real estate data and why we can’t rely on it to say “values are up” or “values are down.”
Get Your Information From a Trusted Local Realtor
For buyers and sellers, the underlying goal is to meet at “the right price.” To reach that sort of price discovery, you have to look local. What’s more – you really need the services of a locally savvy Realtor! Why? Because you’re likely emotionally attached to your home, and you likely do not have the data required to price your home correctly.
It’s not as easy as it sounds.
Again, local real estate trends can NOT be addressed by the national reports you see in the paper. It’s even too narrow for local papers. Therefore, buyers and sellers have two places to turn:
- A general real estate website
- A practicing real estate agent
Using both sources for local data is common among today’s buyers and sellers.
National real estate news offers little value with respect to home price negotiation. Because all real estate is local, your real estate data should be, too.
I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage loan originator, I’m your guy. Call me at 888-859-7418 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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Kev, great post! It’s always good to hear what’s going on nationally, but as a home owner or buyer you always want a clear picture about your specific market and a good place to start is a local web site and for more detail information talk to an agent in your market.
Last blog post from Kevin Curts… Q1 2009 Market Update
Great points, thanks for sharing. Local & current information is key. Buying or selling real estate is generally one of the largest financial decision a person will ever make. Like any profession, there are good Realtors & there are not so good Realtors. When looking for a local Realtor do some research, ask for references or ask your friends, family and co-workers for recommendations. Have the benefit of an experienced professional on your side. The agent you select will work as your advocate, your advisor, your negotiator, and your confidante throughout the entire process.
Great article- Aside from purchasing a vehicle, buying a home for the first time is definitely at the top of the list of important financial decisions that people have to make in their lifetime, which is why it is important to have a real estate agent that you can trust and who knows the area that you’re looking to buy in.
[...] the way, I borrowed the idea for this post from Kevin Sandridge’s excellent post on the same side of the story from the residential market standpoint. Here’s what he says [...]