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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CAN NOT repeat that often enough, Richard~ REAL ESTATE IS LOCAL...this is a big part of the economic mindset that is helping to fuel the slower markets in some places!
Words of wisdom Richard. I am experiencing a good and steady market yet never take it for granted and I am planning for the future for sure.
We have been in the tough market so its almost hard to see the finish to it.
Faith...
And competitive is well! Thanks for the comment.
Paula...
Especially when HUGE metropolises like Atlanta offer such bargains. Thanks my friend.
Chuck...
We are years away too. Thanks for adding to the conversation.
Real estate is local, fixed position. But the real estate buyer for it should not be limited to local. Open the media stream flood gates and broadcasting further with frequency, reach and lasso more eyeballs, eardrums and widen the buyer real estate field.
And as for markets, there are some hard hit ones that seem to get so much of the press. But realize the low cost rural markets get through just about anything fine and dandy. Because way way less zeroes in the property prices, the urge to get places paid off and low FSSR.
Andy...
Maine has one of the best combinations of price, local flavor, and beautiful countryside that I have ever seen. Who knows, I may even wind up there myself one day!
Good morning Richard,
You have expounded some great advice. I know I'm fortunate to be in a position of experiencing great business in a much better market than most but one that still has its challenges. I do not take my success for granted and am constantly working towards improving my service and adjusting my business plan. "Anticipation" is the key in this market.
Wise words again Richard...I don't know how you continue to write insightful posts each and every day, but keep them coming!
Richard...that is part of our problem, people are living in the past. The people who will do good coming up are the ones looking to the future.
Sooner or later the ripple effect will impact local markets. I agree that the best plan is to be proactive instead of reactive.
Economies are local, state, national and global. Some things you can buy online from across the country and ship it in at a lower cost. A house in a neighborhood, is priced based on that neighborhood. We just have to live in reality with EVERYTHING.
Dorie...
It just pays to plan ahead. THX.
Kristin...
THX, I really appreciate the kind words.
Bill...
Things will NEVER be the same. Thanks.
R...
Indeed it will. Thx.
Gary...
What I am saying is that in today's world, a neighborhood in Dallas is TRULY competing with a neighborhood in Newnan GA. We have high speed Internet and 4G here, and MANY jobs are no longer region exclusive.
Richard,
I work in a market that has strong employment, primarily because of the government. Even that though, can change in the blink of a vote in Congress.
Rich
The ripple effect is real.... It is just a matter of when and how stong the impact will be. Excellent insight!