This is just a quick reminder to ignore national news stories about real estate. It may sound like strange advice, but real estate is a highly local phenomenon.
The “national scene” is comprised of data from:
- 50 states, with
- More than 30,000 incorporated cities, and with
- An innumerable number of neighborhoods
It also combines data from:
- Single family residences
- 2-4 units
In other words, throw a dart at a map of the United States and the street on which the dart lands is in the same data set as the street on which you live.
Like I said, ignore the national statistics — focus on your local statistics.
Unfortunately, getting local real estate statistics is not always easy. The best place to start is by asking a real estate agent, a title company representative, or somebody else that has access to (and knows how to interpret!) raw real estate data for your neighborhood.
By talking to professionals that are “in the market” every day, you’ll get a much more reliable opinion than from national news sources.