Well, I say so as well, but I’ve written about Dan Green before and he’s got a great visual on his blog about how real estate is local. Every market is a small snapshot of the total picture. Without each individual market, the picture is incomplete, and I like the visual here.
I’m dealing with this situation now – I’m working with clients from Nevada, and we spent the last three weeks negotiating on a great home here in Blacksburg. This one’s going to be a great home for them, I think, but it took a while for them to work through the fact that their market in Nevada is much, much different than our market here. When we made the initial offer, they made it as if they were in Nevada and the seller immediately rejected it. After working through the data, and having subsequent offers consistently rebuffed, they finally got it at a price that we anticipated we’d get it for all along.
It’s a good price, on a great home, in a fantastic neighborhood … and a part of the whole picture, but not reflective of the whole picture.
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