"All markets are local."
The chorus real estate people love to sing. And it's true. All markets are local--as Altos research clearly show us.
Though I also believe that the general real estate market (mother) have influence over her little ones as well. This would make more sense to you if you look at it from a psychological stand point.
The general population is influenced--perhaps too much so--by the news media. And my stand with the media has always been the same: I don't think they are wrong, they are just unflinchingly tardy in reporting substantial real estate news; Especially the ones that will directly help buyers and sellers. And I can't blame them, they have to 'pay the rent', I guess. At the end of the day revenue is still the name of the game.
And what the media reports--end up being digested as the truth. And people munch on this whether we are aware of it or not. Then we tell our families and friends what we've heard and they tell their friends and loved ones--and the circle of life (jumble) begins.
But I am not writing about this topic. Yesterday Joe and I stumbled upon a fascinating realization. People say all markets are local, we decided to add that all markets are hyper local. Meaning, the United State's real estate market can differ from Reno's, but to add to that, Reno's general market can also greatly differ from an area up North in the first time home buyer price range.
As we can see in the blog post yesterday. You'd be surprised how Reno's $150,000 market is vastly different from the $350,000. It is vital that you know what is happening in the market you desire-- is it recovering or still with a bad cold?--for this will give you a major boost in negotiating. Joe had to offer a few thousand dollars over asking price in many of the first time home buyer price range.
So if you're a buyer feel free to ask us for a special report on a specific area you desire. Don't forget to customize it based on your price range and desired area(Ex: $270,000-$360,000, South Reno).
It will pay handsome dividends.
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