I’m often amused/annoyed over the media’s constant blather about the “national real estate market”.
Simply stated, there is no national real estate market.
Because all real estate is local.
What’s happening in Portland, Seattle, Denver, San Diego or any distant real estate market is irrelevant to what’s happening in the Boise real estate market.
In fact, real estate is more than local; it’s hyperlocal.
Hyperlocal means that real estate values are determined by drilling down into counties, cities, subdivisions, and even different units within subdivisions.
A riverfront home in a gated community will have a higher value than a similar home that is not on water or behind a gate.
Likewise, a home that backs to Eagle Road will be valued differently than a similar home deeper in the subdivision that’s located on a quiet cul-de-sac and bordering a lush, wooded common area.
Each property (and market) has its own unique characteristics and value and can’t be blended with homes in other, different markets.
So, the next time you see a media news story about the national real estate market, realize that it was likely written by someone sitting in a cubicle who thinks Boise is in Iowa.