“As a real estate agent, I’m asked how “the market” is about as often as the Octomom is asked how she plans on providing for all fourteen of her children. It would be easy to paint the market with a broad brush- as the national media is wont to do- and perhaps even easier to simply turn the question in to a conversation advocating a new home purchase (utilizing the services of yours truly, of course). The real answer is that markets are local. All of them. And while technology can help push the market, for say, a pair of Christian Louboutin high heel boots or a 1996 Toyota Tercel to a larger and more geographically diverse audience, real estate is a fixed asset that can only be bought and sold within its local market. There is no free shipping.
Real Estate markets take the concept of “local” to another level- they’re “hyper-local”. There are general trends (um, recession anybody?) that touch all markets, every submarket has its own supply of, and demand for, real property.
In Atlanta-speak, it goes something like this: a 7 bedroom, lake-front home in Suwanee is not a 2 bedroom condo in Buckhead, which is not a 3 bedroom, 1920’s Candler Park bungalow which is not a new construction, 3 bedroom home (in a 300 home community) in Mableton.
There is a varying supply and demand for each, and it’s in identifying those relationships that we are able to uncover the most meaningful real estate trends. That said, stay tuned for a new yet-to-be-named-AIsForAtlanta feature, where I plan on spotlighting and analyzing relevant trends that impact intown Atlanta neighborhoods. In the process, I’ll probably dispel and reinforce a myth or two, but hopefully- in the end- I’ll answer how “the market” is faster than Octomom can say “a non-stop, 24-7 reality show until my children turn 18”.”