Does he/she?! I would say a lot of buyers usually have that question in their head.
I believe it's one of the first things that a lot of customers will ask when dealing with a real estate agent. I would say it's a valid question to ask and one would rather know.
The truth is some agents usually work their local market only, however some local markets can be rather vast or too small for all local agents. Agents that focus on one single market usually have had years of working that market or a good source of business passed down to them in that market or work a specific niche popular to the area.
The fact is at times a customer prefers to deal with someone they trust then to deal with a new individual they don't have trust built with even if they are known in that market.
The next question would be is this a downside to a broker not knowing the market they are in? The question actually depends on what you really need and want in a broker. Yes, that's really what determines if you have the right broker. You can have a good broker that is an expert in the area and knows little to nothing of a real estate transaction, or you can have someone that is extremely knowledgeable on a real estate transaction with little knowledge in the area. There is that rare find in a broker that not only holds knowledge in both local market and real estate transactions but also has customer service experience.
What really is local market knowledge? Stores, schools, fun areas, neighborhood rating, info on the neighborhood, & local area home prices. Can these be obtained online? Yes; they can be. Does it take serious talent to know an area or its favorite local hot spots?! Does it take serious talent to know going prices in a neighborhood? NO!! A huge no to that.
In reality you can follow local social media bloggers and they will tell you of local hotspots better than a broker who may not have the time to enjoy them. For kid activities there are so many groups on social media you can join with other parents that keep each other informed on what to do around the area. Plus a broker who doesn't have kids may not be aware of those activities. Lastly there are also groups for the area that tell you about the neighborhood in a more real & straight way from the horse's mouth ( the residents).
So really what should we look for in a broker when looking to work with one? We should look at:
Communication
Service
Knowledge
Wisdom
Experience
Empathy/Connection
References
Even then anything can go wrong in a transaction because a good broker doesn't guarantee anything but does all within his/her power to make it as smooth as possible.
When a transaction becomes challenging a very knowledgeable and wise broker is quick on their feet, finds solutions, doesn't give up, and works smoothly for both sides to come to an agreement.
A good agent may know an area very well; a great agent focuses on the job at hand not the perks of the job at hand. I think we need to really dig down deep and make a decision about hiring an agent that resonates with our needs and wants rather than market/area knowledge.
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