Remember a couple of weeks back, when I chided the national Media for being, well, too nationally focused when it came to real estate and that aspiring homebuyers who followed their lead would miss out? No? Right here:
“…if you wait until the Nation or the Twin Cities shows broad based recovery, prices in the neighborhood you have been dreaming of may be a lot higher, and interest rates almost certainly will be.”
Over the weekend, the Wall Street Journal published a piece echoing this thought process:
“…the national housing market is merely a collection of local markets. And while those markets have moved together to an unusual degree during the past 15 years or so, new data show that the pattern is changing—and that many markets are safer now than they have been in years…in the fourth quarter of 2010, median prices rose in 78 markets, fell in 71, and were unchanged in three.”
So there you go – if you don’t take my advice, take it from the Wall Street Journal, who also provides 5 useful signs that say ‘Buy” – read them, and apply to the neighborhood you covet.
Housing: Is it Time to Buy? [WSJ] February 26th, 2011