Many people tend to get caught up in the real estate trends reported in magazines, newspapers and on television. This is a mistake of the highest order.
Real Estate Trends: Why You Should Ignore Them
In this age of Google, you can learn almost everything on a particular subject. While access to information is usually a positive development, things can get a bit crazy if you get overloaded with it. Look long enough and you can find two pieces of information offering exactly the opposite views on a subject. Obviously, that doesn’t really help you make a choice.
In real estate, the information offered in the media is usually uniform. For the last six or seven years, everyone with any brains at all has reported the real estate market has been hot. Now, many of these same pundits are suggesting the market is cooling off. Some are even predicting a crash in the market.
As a potential buyer or seller, how should you evaluate the information being produced by the media? The simple answer is you should ignore it. The problem with these reports is not the accuracy. Instead, the problem is that they are reporting national real estate trends.
National trends are great and all, but they have little or no application to your specific geographic area in most cases. Think about the following if you don’t believe me. In the past, the media had reported that the real estate market was hot, hot, hot. During that time, In Colorado, however, the market was flat. If you were considering buying or selling in Colorado, the information being reported concerning national real estate trends simply did not apply to you.
If you think Colorado was the exception, it was not. The state with one of the worst appreciation rates over the same four or five years, for instance, was Texas. Put in practical terms, this means homes in Dallas, Houston, Denver, San Antonio and Houston did not follow national real estate trends. The only real estate trends that matter are those in your local markets. Never rely solely on national data.
If you’re considering buying real estate, you have to be very careful when considering real estate trends. If it seems like a seller’s market in your area, you may make the mistake of not buying. Even in a seller’s market, purchasing a home is typically better than renting one. Every day you’re in the home is a day you’re growing your personal wealth through equity accumulation. Don’t stay out of the market simply because the media has reported that it isn’t the right time.
It is easy to get caught up in real estate trends since they are plastered in front of your face on a daily basis. In truth, they really should not play much of a role in your decision making process.
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