017. real estate is “hyperlocal”

In this video, I discussed the term “hyperlocal” and how important it is to think “hyperlocally” when talking about the real estate market in your neighborhood.

Hello everybody and welcome to the Reside Daily Bite; I’m your host, David Doucette. Today, I’m going to talk about a term. I’m not even sure if it’s an official real estate term but it’s a good term and Colette Ching, our team leader over at the Keller Williams – Santa Monica office, had mentioned this last Friday in our podcast interview and the term is “hyperlocal”, which means, what’s happening across this country -when we hear these national headlines, we hear what the National Association of Realtors reports, we hear headlines maybe in the New York Times or in some of the more national publications- the headlines we hear may not be the ones that are applicable to our own, not only city but neighborhood within that city. And that’s what we mean by hyperlocal -very microscopic look at the city and the neighborhood.

I’ll give you an example, the Westside of Los Angeles, which is where I am, we have several communities. We have specific palisades -Palms/ Mar Vista, Santa Monica, Venice, Westchester, Culver City, West LA and each of those communities all have their own, little, unique market going on.

For example, year to date, median sales price from February 2009 to February 2010, Culver City is up almost 12%; Palms/Mar Vista is up over 10%; West LA around 9%; Westchester up 7.5%; and Venice up 5%. So all of these areas are up from where they were a year ago, which is a good sign for us here on the Westside. Santa Monica actually down about 14% (there are a few high-priced zone areas in Santa Monica, they may or may not have accounted for that, somehow, offset).

But we’re seeing activity in the Westside and this may be very different from your local real estate market.

So, if you’re considering buying or selling your home, make sure you’re working with a realtor in your area who understands the concept of being hyperlocal and understands the uniqueness of not only the city that you’re in but also the neighborhood you’re in and what the major cross streets are because here in the Westside, Lincoln Boulevard comes into play. If you’re west of Lincoln Boulevard in Venice, your homes might be higher in price; if it is east of Lincoln Boulevard, it might be a little lower in price. And there are other factors that are going to factor in, of course, but just having a good, specific knowledge of that hyperlocal market that’s in your neighborhood is something that you definitely want to be cognizant of – for lack of better term.

Before I let you go, there are 3 ways to give feedback. One, caller voicemail listener line 1-800-476-5579. You could also email feedback to feedback@residerealestate.com or you could, if you’re on residerealestate.com website, in this right above my finger is the comment hyperlink. So if you click that, a comment box will appear and you can leave a comment that way. I highly encourage you to leave comments or if you have a question or you have a real estate question that you want me to try and answer, feel free to send that in or call that in.

This is the Reside Daily Bite; my name is David Doucette, thanks for joining me today.

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