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I do think that it's hyper local. But I also think that it is much easier these days for a good agent to work in expanded geographic areas and to do a superb job for his or her clients.
Boca Raton, FL
Not nearly as much as people claim that it is.
Stevens Point, WI
Because they no more than anyone else. For instance, there are areas where you are above the marine layer in the summer, or gnats in other areas, etc...If you do a study on how many international buyers are buying, you would be surprised how few there really are. The foreign buyers are in concentrated areas not all over the US as many would have you believe. A
Blue Bell, PA
Yes, but not nearly as much as some would like to claim.
Stevens Point, WI
Although a lot our activity is local, we are influenced by the entire world.
Just look at ActiveRain -- we are from all over and are interacting to learn and to help each other every day.
Gary Coles (Internatio...
Las Vegas, NV
Inna - I believe it depends on your market and your niche. If you sell million dollar luxury homes, or vacation homes, or you are targeting people "moving to" your area, your market is international. If you concentrate on a couple of neighborhoods in your area, then it is much more local.
Have you ever received an inaccurate appraisal done by someone not familiar with the neighborhood you sold in? That's how I know it's always local!
I think it is still local. (At least in my area)
because they know the nuaces of the market. You cannot get that from a computer program.
I have worked with people from 3 different countries in the last twelve months so yes I'm a believer in the world market...
Every market is unique. Within each market exists sub markets. I feel it is important if possible to find the history of the neighborhood. In one sub market, a real estate company buys small parcels of land and shoe horns homes on them. As it turns out, the local expert told me that the homes were built over a creek. There wasnt any information regarding this online. As it turns out the homes were filled about 4" of water with 2 sump pumps running 100% of the time.
Oh yes. Technology is great it does most of our work for us but prices in my market and prices in yours are hugely different.
Because the locals know or should know what is going on behind the scenes that is driving business and possibly have insight into the future.
Yes if ...a yes or no question. However, I talked with another listing agent who got a call out of state for help here in CA from the Internet. If there was a set formula, we would all be following that.
A local professional is the only one who has the most up-to-date information on insight and trends in that market. Jeremy Branum confirmed the need for the assistance from someone with local knowledge. I live in central Washington State. I would NEVER use an agent from any other part of the state, let alone other states, to buy or sell property. Likewise, when I was an active agent, I would have never tried to help a client buy or sell property in another market. Anything over 25 miles from my market area got referred out... and sometimes closer if it was not in my area of expertise. I remember having an agent from the Seattle area sell one of my listings on the river. She didn't even ask for a septic pumping or inspection. She probably didn't even know what a septic system is. Every market is unique. In my opinion, real estate will always be local.
Not at all. Buyers are national and international. As a lender and real estate investor in Miami you see buyers from across the Nation and around the world. However, having a person(s) in a geographical area that knows the area does help. Online tools will get you into a ballpark but they can only carry you so far, a subject matter expert is a huge help when making the right offer.
To illustrate my point, my personal real estate investment company recently was approached by a homeowner that wanted to do a short sale in Chicago. We were able to reach out to a local realtor that we had contacts with. She was able to help solidify our numbers and make sure we were going in with the right offer. She also helped in choosing the right contractors to assist with the fix and flip. Although we were close on all our numbers, her input was critical in maximizing our profit and in helping the homeowner get as much as possible for relocation.
Yes, there is a big difference in the market here in Williamsburg and the close surrounding areas.
Inna Ivchenko Yes, I still think real estate is local. Technology allows us to expand our sphere where before we were limited to the local newspaper. Hiring a local professional will get the expertise necessary to complete a successful transaction.
Very nuch so. A local agent will know the market and provide much more value.
I allow myself to serve as far as my knowledge - market and inventory - takes me and my MLS membership provides ease of access. Searches often evolve in my market with so many potential access points to the common commuting target -NYC - and I add most value if I am along for the entire process to help to bring it into focus. But the key is adding value - and so that is what I use to determine my boundaries.
Good Thursday morning Inna. I think that the market itself is local, however; it is affected by what happens nationally and globally.