I am often amused/annoyed over the media’s constant blather about the “national real estate market”.
There is no national real estate market.
Because all real estate is local.
What’s happening in Miami, Phoenix, Las Vegas, Stockton 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.
For example, a lakefront home or a home located in a private, gated unit in Two Rivers will command a higher value than a similar home that is not on a lake or behind a gate.
Likewise, a home in Bristol Heights 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.
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 in a faraway place who has no knowledge of the Boise real estate market.
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