The World isn’t Flat in Real Estate
June 22nd, 2008 categories: Fairfield, Ohio, Mason Ohio, West Chester Ohio
With all due respect Mr. Friedman, the real estate world is not flat!
In his well written and often quoted book, “The World is Flat” author Thomas Friedman argues the fact that events and businesses are impacted not just by events in the United States -but by circumstances all over the world. And, most of the time, I agree with his premise.
However, when it comes to Cincinnati, West Chester, Fairfield, Mson and other local residential real estate, the world is not flat, allowing local markets to be just that -local markets.
Look at the State of Ohio. The statewide unemployment rate for April was 5.5% but the rate for Cincinnati was 4.6%. Do you think the greater Cincinnati area might be better off than other parts of the state?
Media coverage of the housing market is ”big” picture coverage. The woes of Las Vegas, Phoenix and California market show entire neighborhoods engulfed in foreclosures. Drive around our area and you will find problem properties, maybe even a street with a few foreclosed or abandoned houses -but whole subdivisions under foreclosure- not in our market. 
The Chicken Little’s of the press don’t sell papers or magazines unless the sky is falling and they have attached many of the country’s woes to our marketplace.
Are we in a different real market today- you bet we are!
Is pricing more critical than 3 years ago -yes. Can buyers go in and offer 50% of the list price and get a deal- doubtful. Is your home’s value higher or lower? The answer to that depends on a myriad of variables - and I will be glad to discuss and help and make an informed decision. Call 513-300-4090 or email your questions.
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