Today’s mass media can’t help but provide buyers and sellers with a plethora of stories and opinions about what is going on in the real estate industry. The challenge, however, is that these reports often come from far away and are based on national market trends, rendering them only fairly useful at best on a local level.
Real estate is a local business. Home prices vary drastically from area to area, city to city and neighborhood to neighborhood. In fact, in some neighborhoods a simple change in the style of the home can cause a home’s price to soar or sink. When buying or selling it is critical that you have an expert to point out these subtle differences that could cost…or save…you tens of thousands of dollars.
When assessing a local market, an agent with local expertise will look closely at the variables which cause markets to climb or drop including supply and demand and days on market. For example, perhaps you have your sights on a single story property in a neighborhood of other homes that have recently sold for $325,000. However, the property you want to buy is listed at $340,000. At first glance one might think that the property is overpriced because it is listed higher than what other homes in the neighborhood sold for. You may even pass it by, thinking it was incorrectly priced. But a local expert who knows the area and the corresponding demand trends might point out that single story properties in this area have traditionally been selling for more than 15% above other home styles. With that information you might actually get excited about paying full price, but without it you may walk away from what could be a very good investment opportunity.
Imagine you want to sell your home which has a special feature which is in-demand in your area. It is imperative that the real estate professional you work with knows every nuance of your area, your home, and the features buyers are looking for as without this knowledge, your home could be stereotyped and priced for less than what it is worth.
Knowledge is power and working with a professional with abundant local expertise will benefit you when either buying or selling. While buyers and sellers may think that they can sort through information on their own, they cannot duplicate the knowledge of the local real estate expert. Don’t spend too much on a property…or leave money on the table. Get the inside scoop!
If you have any questions I would be happy to share my local market knowledge with you. Give me a call at 206-730-0962 or send me an email: firstname.lastname@example.org.