When you're buying a home, home prices and affordability only matter in one place - the city in which you're buying.
The housing market in California is different from the housing market in Maine or Texas.
As home buyers, we understand that.
We also know that home prices in Seattle have nothing to do with home prices in Cleveland.
They're two different places.
Furthermore, we know that when we buy a home, we’re buying a specific property on a particular street in a given neighborhood somewhere. We know we're not buying an entire city of homes, or an entire state.
We’re definitely not buying a whole country of homes.
Which is why: the only real estate data you should care about is the data in your backyard.
It doesn’t matter what values are doing in other parts of the country because you’re not buying a home there. You're buying a home here.
National housing data is irrelevant to you. You need the opposite of national housing data. You need local housing data that's done in real-time.
National data will tell you what the average home sold for over the last 12 months. That's not helpful at all. You want to know what homes are selling for today. And, you're not buying the average house!
Look past the national housing news Those stories are for economists. Home buyers should focus on the local market news. It’s helpful and more valuable.