The right and most current local real estate trends, growth data, and data growth information, for real estate investor and real estate professionals is critical. Since the local real estate trends at the Census Block Group Level, are what matters most to the real estate investor. After all, it is location, location, location, and everything is local right? For definitions on what Blocks and Tracts are, see our Free EBook.
Who really cares about the real estate trends of a city, county, MSA, state, county??? Are not cities and counties too expensive for the average investor, do you know anyone who has bought one???
What matter is LOCAL, and the latest local real estate trends
And the best and most valuable trends on not just Real Estate Price Trends or Real Estate Trends for 2017, they are the Current Real Estate Trends at the LOCAL level based upon monthly and quarterly data, not yearly.
How to Detecting Relevant Local Real Estate Trends Down to Block Group Level
This concept may confuse some people because most of us don’t understand why we need to be able to detect trends down to the micro level. After all, isn’t it enough that the news anchor on the nightly news tells us that real estate prices are going up or down on the national level?
Doesn’t that mean that things are looking rosy everywhere with some spots simply being better than others? In all honesty, those nightly newscasts with their statistics about national house prices are completely irrelevant to anyone actually buying or selling a specific property, with no local real estate trends. Think about it: If you live in Michigan but hear on the nightly national news that the unemployment rate is only 4.4%, does that change the fact that the auto industry is failing and that the employment outlook for Michigan is drastically different than for the nation as a whole?
Or even national Real Estate Trends, or just the National Commercial Real Estate Trends, again what matter is local. The false logic of large data-sets and local real estate trends.
The easiest way to illustrate why city data or even county or even some large Zip Code data (which have hundreds of local neighborhoods and blocks) is to look at the 6 sided dice, which if you rolled they 5,000+ times the average with be ~ 6.4 or between 6 & 7.
Now imaging a set of dice with 1,000 sides each, and the average would be what? ; And what does it really matter anyway?
The chances of you actually rolling the average or median are very LOW.
This is why a forecast or even a variable like median income, at the county or MSA level is off by over 40% many times, and why what matters is local, and the latest local real estate trends. Simply put, the local market and the macro market are very different creatures that may be interrelated, but they are far from being joined at the hip. This extends even beyond the national, state or even state-county level. The fact is that there are markets within markets, within markets.
Local Real Estate Trends Rule
There are a lot of real estate tools and services that will show you home values based upon comps, outdated or incomplete data. Some will even factor in economic, market and demographic data but only at the macro level. This does not help an individual or company make a truly informed decision about specific properties. With a better local real estate trends, the investment in real estate, is a click away.
For more information, 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”
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