These photos represent six neighborhoods in America and their respective real estate markets.
They are six different neighborhoods with six different feels, each with its own character and flavor. Some have dogs, some are blue, some are smiling -- some are young, some are old, some are blurry.
Now, look at the photo below.
This photo represents the national real estate market.
If you look carefully, you'll find the six "neighborhoods" mixed in. One is in the cheek, one's on the forehead, one's off to the side, for example. The "Big Picture" is made up from thousands of "Small Pictures" representing our country's streets and neighborhoods.
These small pictures each have their own unique characteristics, but combine to form a completely different look.
The mosaic is one more reason why we all should look deeper than headlines to get our real estate news. The Big Picture tells us nothing.
Recent real estate reports tell us that this is the worst market in years but that's a national story.
On a local level, there are a handful of neighborhoods in both Chicago and Cincinnati that are exploding.
Symmes Township
Montgomery
Lakeview
Bronzeville
And there are many more, too. But, instead of talking about the areas where homes are selling for list price or more, the media shows us the goateed guy instead, the metaphorical "national" real estate market in which nobody actually buys or sells.
Think about the next home you'll buy. It won't be a home that exists in all 50 states simultaneously. It will be a home that exists in one state, in one town, in one neighborhood, on one street and with has its own character.
Your next home will be a small square on the face of the national real estate market because that's what real estate is -- a series of very, very small pictures.
So, the next time that headlines talk about our nation's housing market -- strong or weak -- skip to the next article. You can't lump every home in America into one giant chunk of data.
0 comments:
Post a Comment