Local Real Estate Growth and Important Information. Everyone knows that local real estate growth is important, however local market analysis real estate, is flawed with missing data and false assumptions by consumers and homebuyers and real estate professionals.
What is missing, let’s find out. – Next False Assumption
Real estate professionals, have the most current Local Real Estate data available. – FALSE
It is a general misconception that Realtors and multiple listing services (MLS) available online provide the most reliable and timely information about the current state of any Local Real Estate market. While it is true that people in the profession have a good understanding of broad sales trends and price movements, they rely on outdated information that is based on past trends in sales of comparable properties in large market areas with very little local real estate demographic or economic data.
Local Real Estate Growth Data, is NOT city data or Market Data
It is true for the board (macro-level) housing market may not necessarily be true for the small (micro-level) market. And usually it is NOT, thus not related to local real estate.
Factors that affect home prices, such as job and income growth, may differ substantially among different neighborhoods in a broader housing market, which would thus reflect in different ways on future demand and values of homes between the broader and the block-level markets. For most real estate investors, local real estate is all about having the most current local information. But where do real estate investors find it? In 2017, this critical growth data, is still NOT online.
Realtors and the Web-based websites, such as Realtor.com and Zillow.com, rely on trends in broader markets and use these trends, as benchmarks, that may reflect speculative demand and other non-core demand drivers, but they fail to provide accurate information about small local real estate area. They provide no City Block, Census Tract, or Census Block real estate growth data, the drivers and levels of all real estate growth and price changes. What’s more, they cannot offer any insight into the future price developments for any particular market or hyper local market or Census Block Group. With the Growth Maps real estate technology and current local real estate, real estate professionals have access to the best local information.
However, the Growth Maps has been developed as an analytical tool that provides reliable information of current changes at a block (neighborhood) level. Blocks are truly at the local real estate level.
The Growth Maps commercial real estate technology, is also the only available online tool that provides information about future price movements in both broad real estate markets and block-level housing markets. It offers data that is more reliable than the realtor-based price information because it relies on multiple variables, such as job and disposable income, migration, and other primary drivers of demand, or the core leading economic indicators, that determine price growth in any particular block-level market. This is important because real estate is truly a local market for which only the price information that relies on variables that are specific for that particular micro-level market can offer the accurate picture of current and future market trends.
For more information, watch our free demo video on our homepage, and download your FREE eBook titled: “What’s Next for Commercial Real Estate Technology: Leveraging Technology and Local Analytics to Grow Your Commercial Real Estate Business” at http://growth-maps.com/free-ebook/
Your comments are most welcome, and I appreciate your feedback.