A couple of weeks ago the Case-Shiller housing study made front page headlines across the nation with its doom-and-gloom reports of continuing negative home sales statistics and pricing trends. Newspapers love these kinds of stories, but homebuyers and sellers need to take the information with a “grain of salt.”
As Jim Gillespie shares in his own analysis of the housing report,
All real estate is local, and it is unfortunate that the reporting on a 20-city “national” index can have such a jarring impact on otherwise rational people.
In other words, if your city or neighborhood wasn’t included in the latest publicized study, then it shouldn’t impact your home sale or purchase decision.
Factors that Should Impact Your Home Purchase
Since I am fairly certain that what is happening in Detroit is much different than the housing trends here in Denver and the mountain communities, I strongly advocate that you base your decisions on the most current and specific local data that you can find.
Where can you get this info? If you want the most expedient route, let an industry professional compile it and send it to you. Real estate agents and title companies can provide easy-to-understand reports so that buyers and sellers better understand the local market before making a decision on how to price a house or how much is a reasonable offer for the location.
Negative media coverage that provides only a portion of the overall picture has the potential limit economic recovery. Consumer expectations are critical to the strength of our economy. While some U.S. communities are still struggling with a depressed housing market, over generalization of their troubles to unrelated markets can create artificial worries in recovering cities and neighborhoods.
There are many great reasons to buy a home now if you are in a strong position to do so. A look at my Denver and mountain home listings or others in your neighborhood of choice will reveal exactly what incredible value is available for motivated buyers. Get the facts, don’t just buy into the hype.