There are all kinds of reports on TV and the radio and even the internet about the state of the Real Estate Market. “Existing home sales are up 23%!” “Housing starts are down 12%!” “It’s a buyers market!” “It’s a sellers market! “ “We’ve hit the bottom of the slump!” “Prices are on the way up!” “The economy is improving” “Unemployment is up from last month!” With so many conflicting messages, how do we know which is accurate? What IS the current state of the real estate market?
It is possible that these reports are compiled from different areas of the U.S. and then averaged out for the nightly news report. This can cause a lot of confusion for buyers and sellers. Because what is happening with real estate in Washington DC is different from Tampa Florida, which is different from Seattle Washington. To get an understanding of what is really happening with the real estate market, it’s best to focus on the specific area, or even neighborhood you are interested in.
There are many factors that affect a local real estate market. Did a manufacturing plant recently close? Maybe one is just opening. Is there migration to another town? Are there new companies relocating to the area, and bringing in new jobs? How are the schools rated? What is crime like in the area? Is there a transportation hub nearby for ease of commuting? These are just a few examples of things that can cause a local market to ebb and flow.
Here in San Ramon we are experiencing a real estate trend that is not the same in cities just 25 miles away. We have a unique situation; a “micro-market” if you will, that is creating very high demand for housing. There are large companies PG & E for one, moving into San Ramon. A few companies like GE are expanding and needing a larger workforce. Our school district alone is attracting families from all over the area. San Ramon is centrally located within the San Francisco Bay Area, making it an ideal place for commuting to and from other large cities. We have freeways, public transportation, restaurants, and shopping within minutes. The climate and the lifestyle are hard to beat.
It is a combination of factors that will determine the direction of the real estate market in any given area. Once you have determined the state, city and even neighborhood you are interested in, contact a local realtor, one that is located in that city. They will have the most accurate information about the trends, pricing, activity levels. A local experienced Realtor can zero in on an area or a neighborhood to give you the information needed, whether you are buying or selling. Remember, Real Estate is Local!