If you’re an agent that’s looking to improve your sales results or if you’re someone that’s looking to get into real estate here’s some important facts you need to consider:
Niche Markets outperform greater metro areas.This point is easy to make in any metro market, let’s take a look at the Bay Area in California for example. You have Atherton, California in zip code 94027 which is in fact one of the most expensive zip codes in the country as documented by Morgan Brennan for FORBES. However, this extremely affluent neighborhood with multiple houses on the market above in the 10 million dollar rage is a staggering contrast to what’s happening in nearby San Jose California. In San Jose the average sales price is about $580k according to Trulia which itself is quite impressive compared to the national average but it’s actually just average for California standards. Meanwhile, in Atherton the lowest house for sale in 94027 that I could find was offered for over $2.3 million dollars and the most expensive was $33 million dollars.
Location location location.Think about it like this. If you sold one million dollar house in Atherton you would earn more than you would selling two averaged priced homes in San Jose.