You can learn just about anything on a particular subject through the internet. While access to information is usually a positive development, things can get a bit crazy if you get overloaded with it. Look long enough and you can find two pieces of information offering exactly the opposite views on a subject. Obviously, that doesn’t really help you make a choice.
In real estate, the information offered in the media is usually uniform. As a potential buyer or seller, how should you evaluate the information being produce in the media? The simple answer is you should ignore it. The problem with these reports is not the accuracy. Instead, the problem is they are reporting national trends in real estate. They don’t know about the growth in our area and how that impacts homes for sale in Acworth GA.
National trends are great and all, but they have little or no application to your specific area. Statewide numbers can even be inaccurate. And the source of the information can be inaccurate also. For example, a nationally syndicated real estate site reports that Atlanta real estate home prices went up 16% in 2013, when they actually went up a median value of 36%! The latter statistics are from the Atlanta MLS which has the actual figures.¹ The only real estate trends that matter are those in your local markets, i.e., Acworth. Never rely on national data.
If you are considering buying, you have to be very careful when considering real estate trends. If it looks like a seller’s market in your area, you may make the mistake of not buying. Even in a seller’s market, buying a home is better than renting. Every day you are in the home is a day you are growing your personal wealth through equity accumulation. Don’t stay out of the market simply because you feel it isn’t the right time. As you look around the area, you see new homes being built. New home construction can impact the pricing of resales. New businesses coming in increase the demand for home inventory, and our area is seeing tremendous growth which in turn means it might be a great time to sell your home in Acworth.
It is easy to get caught up in real estate trends since they are plastered in front of your face on a daily basis. In truth, they really should not play much of a role in your decision making process.