Say it with me- Real Estate is local

The best-known idiom in the real estate market is Location, Location, Location. As the phrase implies, where the building is situated has an outsized impact on the value of the parcel. Fifth Ave will command higher rent than Main St, USA.

Another adage bestowed on new buyers is to buy the smallest house on the block. A close relative to Location, Location, Location, this bit of advice recommends that being the most modest amongst your neighbors will buoy up the value of your home. Simply being in proximity of the stronger, the better, the more elevated will bode well for your acquisition.

What national companies like Open Door are discovering is that understanding the fine shades of difference between locations is more difficult than one would think. It’s not so easy to see the 5th Avenues, the Main Streets and the posh versus the modest, when seen from afar.

And that leads to an asymmetry of information which puts any outsider to a costly disadvantage.