All Real Estate Is Local

Every so often it is a good idea to look at the facts. The evidence behind those principles we call accepted truths: Real estate should not be an exception. While it is true: “Under all is the land,” it is also true that the shelter on that land is changing and the way in which it is marketed, purchased, financed and transferred, is also changing.  

One of the big mistakes that may home sellers make is the idea that the most likely buyer for his/her home is a relocation buyer from across the country, or at minimum, from out of state. What is ironic is that the median distance, according to the Research Department of the National Association of Realtors, is 11 miles. That is, the average distance between the home a buyer purchases, and their prior residence, is 11 miles. That is a national number. In the far West, the median distance is 13 miles, in New England the median is 9 miles. What is most interesting is the trends are also supported in the "relocation suburbs." The median is higher, but the greatest concentration of potential purchasers for a given property is within a close radius of the subject property: Rhode Island and New England follow these rules.  

As of February 17, Phipps Realty has four pending properties in East Greenwich and one closed in 2013. One from Virginia, one from Massachusetts, two from Rhode Island and one within a quarter mile in East Greenwich.

So when marketing a property, the global reach of the World Wide Web is important, but it needs to have a deep reach/touch to the immediate communities.

To see a graphic illustrating this point, click here.