Let me begin by stating, "All real estate markets are local." That does not mean local markets are free from the influence of national events. But, it does mean the local market is significantly influenced by local factors. I refer to it as "the Market within the Market."

The following are influencing market factors in the Pocono Mountains of North Eastern Pennsylvania:

• Location, Location, Location... Within a 100 mile radius of the Pocono Mountains are nearly 100 million people who have access to the area via Interstate highways. That is about one-third of the population of the United States! A large market within a short, convenient drive.
• Second Homes... It is being reported at the national market level that second homes are selling. Well, the second home market is not in the inner cities. They are selling in local second home areas like the South Jersey Shore and the Pocono Mountains.
• Commuter Homes... There are a large number of home owners in the Pocono Mountains that commute to work in New Jersey and New York. They make their home in the Pocono Mountains for the benefit of their families and as their ultimate retirement home. In the interim, they enjoy all the Pocono Mountain area has to offer plus lower property taxes than are paid by their co-workers who live in the urban areas of New Jersey or New York.
• Primary Homes... The prices for many primary homes have fallen to the point where they appeal for purchase as second homes or investment homes as well as primary homes. While prices have dropped 30% or more since the market peak, second and primary home buyers, and investors, are picking up homes at bargain rates while home prices recover and interest rates are low.

Conclusion... So, when you find a Pocono home with features that appeal to you and at a favorable price don't be surprised if you learn another buyer is also interested. What appeals to you will appeal to others. You may even find yourself in a "bidding war." You can avoid that if you recognize "the market within the market" is alive and well. Timely action can make you the homeowner.