The Real Estate Market and The Realtor

When we hear that the real estate market is improving or that the real estate market has taken a turn for the worse, what exactly does that mean to the average person? The media often portrays the market as if it were the same from Maine to Washington State. That is not only confusing to the general public but just plain wrong. Unlike stocks or bonds that have the same price regardless of the geographical location Real Estate Broker Agent Agreement Form of the seller or buyer, the price for similar types of property can be sharply different from community to community. A house in Greenwich, Connecticut can sell for $1,000,000 while its twin in Rockport, Illinois can fetch less than $100,000. So that old adage “Location, Location, and Location” is still very relevant. Even in the same town, two exact homes in different neighborhoods can be worth different amounts.
The market can also be quite different for commercial property. Office space can lease for $10 per square foot in Albany, NY but comparable space in Philadelphia can go for $30 per square foot. Again, even in the same commercial area, rates vary depending on the desirability of the location. And, to make matters even more fluid, the desirability of neighborhoods can change over time from good to bad and then bad to good.
The point is that there is no such thing as a national or even regional real estate market. Many things can influence the price of property. That is why it is very important for prospective buyers and sellers to Real Estate Agent 2019 do their homework before engaging in any transaction. You can begin that education by using online resources, but to make sure that the information is current and correct, you should seek out a local Realtor.
By using a Realtor to help source a property, the investor can be assured that he or she is dealing with a professional who knows the local market. Not all licensed real estate agents are Realtors. Realtors are professionals that have gone several steps further by adhering to a code of ethics, joining a professional organization and earning additional credentials through education and experience to bring a higher level of service to their clients. The smart business person always seeks council from a professional expert when making investment decisions, so the smart business person should work with a Realtor when considering a real estate investment.

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