Defining "All Real Estate Is Local"

There's an old saying that goes "All Real Estate Is Local".

In a nutshell, it means that real estate markets are different depending on where you live. Now, you could interpret that to mean real estate markets are different from region-to-region (e.g. West vs. Northeast), or from state-to-state (e.g. Ohio vs. Illinois), or even from city-to-city (e.g. Cincinnati vs. Columbus).

The true meaning of "All Real Estate Is Local", though, gets more granular.

Because of school district boundaries, public services, and local zoning laws, "All Real Estate Is Local" means that real estate markets are unique even from block-to-block.

As an exercise on how this works in real life, look at the six images above.

Notice how each of the six photos at top has its own vibe, its own character and its own flavor.  Allow these photos to represent different neighborhoods in your area.  Some are dog-heavy, some have families, some are hip.  Some slant young, some slant old, and some are blurry.

Each photo -- like each neighborhood it's meant to represent -- is unique and distinct.

The National Real Estate Mosaic

Now, look at the image below.

If you examine this photo closely, you'll spot your six neighborhoods in there. You'll see that there's one in the sky; another in the grass; another in the For Sale sign, and so on.  The picture at which you're looking, in fact,  is comprised of literally thousands of tiny "neighborhoods", each serving as a tile in the larger photomosaic.

And it's a terrific analogy for how we tend to get our real estate news -- we see the "big picture" and never the details.

We Don't Live In 50 States At The Same Time

How do you get your real estate news?  From the AP press wire? From newspapers?  From business television?

Each of these sources report on the mosaic, featuring stories about "soft housing" in America and "a growing number of foreclosures", but in the Carpenter's Run complex in Blue Ash, Ohio, the reality may be the exact opposite.

See, for homeowners and home buyers, getting that "whole picture" from CNBC is every bit as useless as Al Roker saying the national temperature is 83 degrees. None of us live in all 50 states at the same time.

Homes exists in one place and one place only; as a tiny square on the face of the national real estate market.  And when we say "All Real Estate Is Local", this is what we mean. Each market has its own characteristics which drive home values, buyer activity, and average days on market.

You can't get that kind of news from TV -- you can only get it from a local source.

Do You Want Local Real Estate Data? Find Your Best Source.

When you're buying or selling a home, you need good data.  Period.  There's no substitute for local market data and real-time reports.  The good news is that there's data available and it's usually free.

For Cincinnatians, there's excellent data at http://cincinnatirealestatemarketstats.com.  But, if you live somewhere else, don't sweat it --  just . I've been in this business a long time and have met some excellent real estate agents around the country.

Ask me for a referral -- I'm happy to make one.