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“All real estate is local.” You’ve probably heard that somewhere – TV advertising, someone’s comment. But what does it mean? And, why should you care?
On a simplistic level, it suggests you can’t determine market value of a home in one neighborhood simply by comparing it to similarly sized and featured homes in any other neighborhood, in any other community. One size – read price — does not fit all.
The phrase actually encompasses a broader view of an area, including its economic wellbeing. Consider Los Alamos — for all intents and purposes we’re a one-industry town that has undergone a great deal of uncertainty in recent years as the national lab experienced significant management transitions. This affected morale, employment and certainly the local housing market.
Today, however, the community appears to have weathered that particular storm. There is less immediate uncertainty about the lab and its future, and less apprehension regarding job security.
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