The mantra “real estate is local” is chanted over and over again in towns and counties across the land.
While it is true that every area has it’s own version of a real estate reality, it is also a fact that every region has a local economy that must be taken into account when considering the long term viability of any real estate purchase.
Cost of living, regulatory burdens, transportation, available skilled labor force and level of taxation are all important considerations when businesses are scouting for new locations.
Economic growth and jobs go hand in hand. Real estate values are dependent on an ever expanding economy.
If a locality sincerely wishes to bolster real estate values, the WRONG way is by offering incentives and rebates.
The RIGHT way is to deregulate, reduce taxes, and modernize infrastructure.
It is not a symbiotic relationship. It is cause and effect.
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Wow. Great post. remember the tax rebate teh Govt gave out a couple years ago? The makret TANKED when it was gone, and it messed up val;ues again. It was temporary, a mirage.
Michael...
Smoke and mirrors do not have a very long lasting effect, do they? Thanks.
Todays world is challenging, and so many folks point the finger...noone ever takes responsibility, in govt and elsewhere..so sad...so wrong
Reducing taxes would go a long way toward helping the majority of the middle class. Not holding my breath though.
No quick answers but you've nailed this one and I'm hitting the golden tab on your post my friend.
WE need to let the market dictate what happens. If a community wants to grow they need to have something to offer people to get them to move there.
Richard, yes, yes and yes. But who is building what in your picture?
@Lloyd...
It's the Newnan Piedmont hospital which will be opening soon ... I'll write more about it in the next few days!
Richard, more tough news in my market as a chief economist states today that the state is not looking at the right figures and has missed the boat with trying to tax restaurants another 10% for another fee...our economy is struggling with a very high unemployment rate...all you bring up is so important.
This is sooooo true. We live and work in an area that is so economically protected that I constantly remind our children that this is not reality...we are in a cocoon.
We are the last hurt and the first to recover. I love rural America but it is hurting as are the cities in the middle of the US.
Up to this point, Northern Virginia's local economy has been rocking thanks to our biggest employer being the federal government. Eventually, budget cuts are going to impact us though and I don't think our area takes it seriously.
Hey, Richard! I included this post in Last Week's Favorites. Have a great week.
Richard:
Yes, they go hand in hand. Unfortunately municipalities are so broke they have to raise taxes to survive. Many have cut their personnel to the bone and can't afford to cut more. Too bad they did not recognize the problems years ago and start economizing them.
Yes in our area reducing taxes is much better way to go than other ways. All real estate is indeed local. Period.