Real estate is local. That statement is as true today as it ever has been. Every region has its own local economy, quality of life, and amenities that attract potential residents and retain those that currently reside there.
But we live in a mobile society, and the notion of economic immunity can lead to disastrous consequences down the road. There are times when economics are so compelling that even the strongest markets will eventually suffer.
When other areas of the country are offering the same product with similar amenities for a quarter of the price, lower costs of living, and lower taxes, it’s just a matter of time before the ripple effect erodes away the foundations of stability.
Do not look at the hardest hit markets as “there but for the grace of God go I.”
Instead, look at is as the future.
And plan for it.
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