Whatever the national trends are with regard to real estate – whether they are booming or busting–what really matters is what the market conditions are in your region, town, or neighborhood. For as David Lereah points out, in the end, all real estate is local.
What does that mean? Even during the real estate boom of 2001-2005, a great many cities and regions did not participate in the boom–they lagged behind, or even decreased in value. Similarly, when prices began to fall nationally, there were plenty of regions and locales where prices rose, and sales boomed. As Lereah makes clear, the most important factor in buying or selling a home isn’t what is going on nationally–it is what is going on in your local market. Evaluating present and future trends and influences in your region or neighborhood is essential to creating long term wealth, whether you are in a buyer’s or a seller’s market. And David Lereah, as the Chief Economist for the National Association of Realtors, shows you how to determine the conditions in your neighborhood. Lereah reveals how to:
Evaluate the DNA of homes in the town or county or region you are considering (every town has its own real estate DNA–the characteristics that make a region or city more or less desirable to live in).
Determine whether property values in your targeted neighborhood are on the rise.
Research future real estate influences and trends, from migration into or out of the region, to plans to attract or develop new businesses in the area.
Understand the local factors that can affect your investment in the future.
Countless books offer advice on how to buy and sell a home. But ALL REAL ESTATE IS LOCAL is the first book to explain how knowing the ins and outs of the local market you are targeting is essential to deciding when, where, and what to buy.
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|Title of eBook: All Real Estate Is Local|
|Release Date: 04-03-2007|
|Allowed Countries (hover)|
|Publisher: Crown Publishing Group|
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All Real Estate Is Local
A NEVER-ENDING STORY
My grandfather was not a gifted storyteller by any means. But there was one particular story he told with an emotion that captivated me every time I heard it. While I am sure that over the years his tale grew in size and hyperbole, it really doesn’t matter. It is the lesson of the story that is important.
My maternal grandfather was twelve years old when he, his mother, and his younger brother, like so many European immigrants in the early 1900s, anxiously crossed the Atlantic Ocean seeking a better life in America. Grandpa, as I affectionately called him, was born Dario Arditti, but an ofﬁcial at Ellis Island Americanized his name to David Arditti (in fact, I am named after Grandpa). He held several odd jobs in his teenage years, learning English and getting what education he could. His ﬁrst job as an adult was sweeping ﬂoors for a company in the garment district in New York City. Over time, he worked his way up and took on greater responsibilities. By early 1928, he was the company’s bank courier. One of his tasks was to deposit the company’s overﬂow of operating funds every Thursday morning at a branch ofﬁce of the Bank of Italy, located in Manhattan.
As his courier activities became routine, the bank manager grew particularly fond of Grandpa. Perhaps he felt an afﬁnity for the struggling young Arditti, who was regularly depositing money in the Bank of Italy. After several weeks of exchanging pleasantries, the bank manager took a greater interest in Grandpa, opening a savings account for my grandfather and convincing him to deposit one–third of his salary