Part Four: Local Market Knowledge is Key To Unlocking Your Real Estate Goals
I LOVE GOOGLE. I use it everyday for almost all aspects of my life including real estate.
News Flash, all knowledge is not on Google, yet anyway, and having a local real estate expert to advise and guide you is still invaluable. Gross information without local market knowledge can be a dangerious thing.
Example: One of the areas that I pay particular attention to is Rancho Santa Fe in North San Diego County. It is an exclusive ultra-expensive area located near Del Mar.
The working REALTOR® community for a given market is usually much smaller than you would imagine – those agents that know those details not available on Google (Internet) including the nuances of the different neighborhoods and communities. Much of this information would be inappropriate for an open forum for privacy issues, yet they are important to making an informed real estate investment.
Time and again I have seen properties listed at outrageous prices in less than desirable areas – only to be sold by an out of the area real estate agent unfamiliar with the local market. Sadly the homes appear back on the market within a few years as the homeowner finally realizes what they bought into.
The same is true of Downtown San Diego which is one of the most complicated markets in San Diego. Not only do you have location, but also unit floor height, view corridors, future development, crime and drug issues, redevelopment issues, pending litigation, HOA Litigation, SB800 Issues, and more. Not a market to step into without someone along that has a good knowledge of these issues.
I believe that 70% of any given active market inventory is junk. Yet 40% sells at some point – why would you not use someone with the local market knowledge to advise you of all your options. I am not suggesting that real estate is not an emotionally based purchase, but just to make the best investment you can for future appreciation and the everyday enjoyment you get from owning your own home.
Local knowledge also extends to relationships. Knowing the exceptional escrow officer, loan agent, or home inspector. Being able to pick up the phone and call that agent that may have the property your Client cannot find.
Local Knowledge is POWER. What do you think?
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