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RSS FeedThe Sky is Falling! (In Your Neighborhood?) |
Aug. 29, 2007
Categorized in: Real Estate
Tagged with: real estate market trends prices
Everywhere we turn today we read of the current or impending national real estate crash. That's because it sells newspapers, grabs eyeballs to TV news, etc. Two weeks ago I had the good fortune to hear in person the National Association of Realtors® Vice President of Research, Laurence Yun, speak to the question of the market. He was speaking to next year's Realtor® local and state Board Presidents and Executive Officers. In essence, he said that it is less important that the national real estate market is doing something than if your local market is in question. He gave the analogy of weather forecasting. If you live in New Jersey, you're concerned about New Jersey weather, not national weather.
There are pockets of booming markets and there are pockets of not-so-booming markets. Some of the booming markets are those that didn't experience the most recent surge in price and volume (by the way, which is more important - price movement or volume movement?). There are spots in the same state that differ wildly right now. New Jersey, for the most part is not booming, but there are locales where there are stable prices and low volumes, as well as those that have prices drifting downward with low volumes. And, there are towns where prices have dropped considerably and volume remains low. Only a local Realtor® can interpret the market for you - not some network commentator or newspaper columnist.
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