Why You Should Ignore Trends In Real Estate

Many people tend to get caught up in real estate trends reported in magazines, newspapers and on television. This is a mistake of the highest order.

In this modern information age, you can learn just about anything on a particular subject. 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. For the last six or seven years, everyone with any brains at all has reported the real estate market has been hot. Now, many of these same pundits are suggesting the market is cooling off. Some are even predicting a crash in the market.

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.

National trends are great and all, but they have little or no application to your specific area. Consider the following if you do not believe me. The real estate market for the last few years has been reported as hot, hot, hot. In Colorado, however, the market has been flat throughout this time. If you were considering buying or selling in Colorado, the information being provided for national trends simply did not apply to you.

If you think Colorado is the exception, it is not. The state with one of the worst appreciation rates over the last four or five years, for instance, has been Texas. Put in practical terms, this means homes in Dallas, Houston, Denver, San Antonio and Houston have not followed national trends. The only real estate trends that matter are those in your local markets. 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.

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.

Posted by Michelle Wilson on December 13, 2008 at 12:00 AM

About Michelle Wilson
Michelle Wilson is affliated with Russell and Jeffcoat REALTORS.inc, which is located in Camden, SC. For further assistance please use the contact information located on the right.

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Local Information for Camden, SC

Latitude: 34.259146 -- Longitude: -80.609161

ZIP Codes for Camden, South Carolina	29020
Area Code for Camden, South Carolina	803
Time zone for Camden, South Carolina	EST

Other Area Cities: Camden, SC Elgin, SC

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As of the censusGR2 of 2000, there were 6,682 people, 2,874 households, and 1,813 families residing in the city. The population density was 267.4/km² (692.2/mi²). There were 3,283 housing units at an average density of 131.4/km² (340.1/mi²). The racial makeup of the city was 60.72% White, 37.19% African American, 0.10% Native American, 0.45% Asian, 0.10% Pacific Islander, 0.63% from other races, and 0.81% from two or more races. Hispanic or Latino of any race were 1.32% of the population. The median income for a household in the city was $36,209, and the median income for a family was $53,056. Males had a median income of $37,342 versus $26,693 for females. The per capita income for the city was $23,037. About 13.1% of families and 16.9% of the population were below the poverty line, including 25.3% of those under age 18 and 13.7% of those age 65 or over. Camden is the center of an urban cluster with a total population of 17,359 (2000 census). -- Source: Wikipedia.com

South Carolina 2000 Census Population Profile Map

	Camden	South Carolina	United States
Population	6,682	4,012,012	281,421,906
Median age	43.2	35.4	35.3
Median age for Male	39.8	34	34
Median age for Female	46.5	36.7	36.5
Households	2,874	1,533,854	105,480,101
Household population	6,477	3,876,975	273,643,273
Average household size	2.25	2.53	2.59
Families	1,814	1,072,822	71,787,347
Average family size	2.88	3.02	3.14
Housing units	3,283	1,753,670	115,904,641
Occupied units	2,874	1,533,854	105,480,101
Vacant units	409	219,816	10,424,540

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Why You Should Ignore Trends In Real Estate

Local Information for Camden, SC

Latitude: 34.259146 -- Longitude: -80.609161

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