Why Real Estate Is Always Local

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Cappadocia, Turkey Cave DwellingReal Estate is Local

Markets are local.

If you’ve followed me for any length of time, you’ve probably heard me say that real estate is local. Sometimes it’s local down to the street.

Traveling through Turkey only reinforced that belief.

Istanbul Is Really Hundreds of Neighborhoods

Istanbul has a population of more than 15 million people—roughly double the population of New York City. At first glance, it feels like one enormous city. But after spending time there, I realized, like any city,  it’s really a collection of hundreds of smaller neighborhoods, each with its own personality and economy.

One area might be filled with historic buildings and narrow streets. Another is full of modern high-rise apartments. Some neighborhoods are busy with tourists, while others feel like everyone knows the owner of the bakery around the corner—and the cat’s name at every storefront.

Historic neighborhood in Balat, Faith Turkey street lined with colorful multi-story buildings. People Buy Neighborhoods, Not Just Homes

Even with companies like Amazon at your service in Turkey, many people still shop close to home. It’s common to have a neighborhood market, bakery, coffee shop, pharmacy, butcher, and produce stand just a short walk away. Those businesses become part of daily life and give each neighborhood its own identity.

It reminded me that no matter where you are in the world, people don’t just buy a home—they buy a neighborhood.

That’s true in Istanbul, it’s true in Cappadocia, and it’s true here in Central Texas.

Neighborhood cat. A common sight in storefronts in Turkey.Why I Never Answer Questions About “The Austin Market”

When someone asks me what’s happening in “the Austin market,” my answer is usually, “Which part?” Because what’s happening in Georgetown may be completely different from  Austin. Two neighborhoods miles apart (or even a mile apart) can have different inventory levels, buyer demand, pricing trends, and ultimately, different market conditions.  Two homes in the same neighborhood on two different streets can yield different market dynamics as well.  

Istanbul, Turkey, illustrating how every neighborhood has its own character and local economy.The Same Lesson, Halfway Around the World

Halfway around the world, I was reminded that the same principle applies everywhere.

Real estate is local – sometimes it’s down to the street.