Friday, March 9, 2018 / by Ruth Ballantyne
3 Reasons to Learn More About Your Local Real Estate Market
1. National housing data is measured differently. If you’ve ever wondered why housing market information varies from think tank to think tank, it’s because each research firm has its own method of collecting and analyzing data and may rely on different indicators to reach its conclusions. These discrepancies can lead to confusion as to whether the market is doing great, holding steady or heading toward a slow down.
2. National statistics are meant to create a broader picture and do not necessarily reflect what’s going on locally. National statistics should always be taken with a grain of salt, regardless of how rosy or dire a portrait they paint. Daily updates about the changing status of the housing market often leave potential buyers and sellers confused as to whether they should enter the market or not. Although national figures may predict one thing, the data in your local market could reveal another.
3. Markets vary and can even differ from neighbourhood to neighbourhood within the same city. Although the overall housing market in Canada remains strong, the condition of the local markets can vary. National figures do not reflect this difference.
This is not to say that national figures are inaccurate: they do provide an overall picture of the National Housing Market. However, if you're thinking of buying or selling a home, it's best to speak with an expert like me to get accurate information about the local market.
*2013 Buffini & Company - January CAP