We often hear that "real estate is local," and that there is little use in dreading or celebrating national home-sale prices and activity. For example, why should sellers fear their ability to sell when their neighborhood is thriving and agents are receiving multiple offers on specific properties, even though national numbers aren't so rosy?Real estate is also local when it comes to use, regulation, standards and practices. Customs that are readily accepted in some areas are often vehemently opposed in others. For example, several years ago I encouraged parents who were sending a youngster to college or university to check home prices to see if purchasing a rental home made economic sense. If the child stayed four years, much of the monthly mortgage payment could be paid off by roommates. The parents would receive the benefits of a rental property, including deductions for travel for maintenance and repairs, while the student residents could receive an appealing ...
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