25 June 2008 (Appeared in the Box Elder News Journal) - You have certainly heard many stories from the national media regarding real estate, foreclosure rates, declining markets and the inventory of homes available for sale. What you haven't heard is reality. Real estate has and always will be a local and regional issue. What happens on the east or west coast is meaningful to local residents but has only a minor impact on the other regions of the country. Of course there will always be some national influence such as the fact that lending institutions or the federal government may change their operating rules for the entire country based on what happens in only one or two regions. These actions may affect some borrowers, but the market will go on based primarily on local factors. One real estate publication, Realty Viewpoint, recently had an article titled "Why Buy Now? Media Is Wrong About Housing Slump" by Blanche Evans. In the article, she quotes Chris Plummer of "Market Watch" who denounces both The Associated Press and the Case-Shiller Index for being "grim reapers." "The Index covers only 20 markets, heavily weighted to the most volatile metros in the nation," he said. Plummer also notes, "The glaring discrepancy in this case is that 17 of the 20 metro areas posted record annual declines, and yet 78 percent of the 330 metropolitan regions that the NAR (National Association of Realtors) tracks reported price increases." The best advice to those contemplating buying or selling real estate is to get the facts from your local professionals. You should visit with lenders and Realtorsto get a true picture of the local market and see what opportunities are available. A Realto® will also help you find the property you want, provide negotiation skills and follow through with the details of the transaction. There are two important factors to consider when buying or selling real estate: How the market has performed in the recent past and, most important, how it is expected to perform in the future. To illustrate past performance, here are some numbers from the Wasatch Front Regional Multiple Listing Service that show Box Elder County has had a healthy growth rate for the last three years:
| 2005 | 2006 | 2007 | | Single-Family, Number Sold | 497 | 583 | 608 | | | | | | 2005 | 2006 | 2007 | | Single-Family, Average Sales Price | $138,654 | $151,719 | $172,153 |
|