As home buyers, we understand that the housing market in California is different from the housing market in Maine, or Alabama, or Texas.
We know that home prices in Seattle have nothing to do with home prices in Cleveland.
Furthermore, we know that when we buy a house, we’re buying a particular house on a particular street in a specific neighborhood in a city. We’re not buying an entire city’s worth of homes, or an entire state’s.
And, we’re definitely not buying a whole country’s worth of houses!
It doesn’t matter to you what home values are doing halfway around the country because you’re not buying a house there. You’re buying a house locally, with a unique USPS address and a specific home valuation.
Remember: real estate markets are local, so national data’s not helpful.
When you’re buying a house, you want the opposite of national housing data. You want real-time data that’s hyper-local and comprehensive; that gets down to the details of how a particular set of windows or exquisite kitchen finishes change a home’s value for the better.
National housing data doesn’t do any of that.
National data tells you the average home sale price in a city and the trends of the last several years. If you’re an economist or housing policymakers, national data is terrific – it helps you make policy. For the rest of us, it’s mostly irrelevant.
Look past the national news on housing. Those stories aren’t meant for you. Focus on the local instead. It’s way more valuable.
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Home buyers snatched up properties for sale in May as housing made its v-shaped recovery.