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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