By financen | September 6, 2008 - 4:03 am - Posted in Real Estate

The real estate market is pretty slow and stable in the last few months but it has definitely caught a lot of attention in the media. While the national markets are making big news, sellers should focus more on local trends.

The nationwide real estate market does not have a major significant role in the real estate industry. It is a discussion by the communities usually based on averages. However, in unique circumstances, the averages are entirely different.

For example, the real estate market in Stockton, California is a complete nightmare. Most of the houses are either in foreclosure or distressed. This has been the worst scenario ever. That being said, does it represent a national trend?

There is nothing in the national trends in the real estate market. This is perhaps the worst real estate market since a long time. The market in Jacksonville is perhaps strong. Sales are happening. Hence they might agree to the national trends.

Every real estate market is a self contained local phenomenon. There is a small market inside every big market. For example, homes in San Diego are worth $500,000 range. There are more expensive homes in the range of $800,000 that are also getting sold and still carrying their value. Basically, homes above that price range are actually making good profits. In other words, we are discussing about two markets in the same geographical area but divided by price.

If you are a homeowner, these examples will teach you a lot of things. National and state trends do not make too much difference. You need to focus more on the market in your neighborhood. See how fast homes near your area are selling. Is the home value rising or dropping down? These are numbers that will help you in understanding the market value in real estate, not what is happening in just one area like Stockton!

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