The Media Is Full Of Crap! Here's The Real Story

If you've ever bought a house you've probably had a conversation with your neighbors about how much they bought theirs for. Hopefully that conversation didn't end with you yelling "you bought it for how much?!!". But either way, there is a reason you're talking to your neighbor about home values and not some stranger half way across the state.

That is because real estate is hyper local by nature. What that means is every real estate market is different and there are markets inside markets.

For instance, in the 34759 zip code, most of the homes are part of a community named Poinciana. The average house sold for $78,729 in the month of May. If a reporter told you that, and only that, he would be misrepresenting some important facts. In Lake Marion Village the average home sold for $64,426 in May. In the community of Solivita, on the other had, the average home sold for $138,421 in May.

One zip code and three different real estate markets (that I've mentioned) with three different trends. Sounds like a bit of a different story when you do some actual research and talk about facts instead of opinions doesn't it? Making on blanket statement about the real estate market in the US is dishonest and doesn't give a fair picture of the situation. Real estate is local.

My father always told me you can't believe everything you hear. Well that goes double when you are hearing it from the media.

Image courtesy of matiasjajaja at Flickr

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