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20/20 Airing FSBO Story Tonight June 22,2007

By
Real Estate Agent with Keller Williams Whittier Market Center DRE#01434794
 20/20 Airing FSBO Story Tonight
June 22, 2007 - ABC?s 20/20 will air a "for-sale-by-owner" story tonight that's almost two-years old. Well, the story was wrong back then and is wrong again, and N.A.R. told them so twice.

The 20/20 segment is called "Getting Real About Real Estate." It features a young woman who happily sold her home by herself and lots of snide comments by John Stossel. The high point is an interview with former NAR Chief Economist David Lereah.

What may not be clear to viewers is that the show originally aired on October 7, 2005. In the real estate business, that was a long time ago. Nationally, median house prices weren't falling and inventories were increasing. I hope any potential home seller who sees the show tonight doesn't heed ABC's advice.

So why does 20/20 decide to dust off an ancient show from its vaults and run it again as it if is new and fresh? Well, ABC is practicing "copy cat" journalism and can't let CBS have all the fun. There's another clue, if you go to http://abcnews.go.com/2020. On the list of top stories most popular with viewers, the top four were real estate or neighborhood-related. Real estate attracts eyeballs. Realtor.com could have told them that?

 

20/20 Airing FSBO Story Tonight - Talking Points
Here are some talking points should you get calls from your clients:

This show was produced two years ago, in a dramatically different market. It?s not so easy to sell a home without a professional today and Realtors® have unrivaled experience in this kind of market.

Homeowners who sold their home with the help of a professional averaged 16% more on the sale of their home than those who went it alone. In contrast to the small study recently released about Madison, Wisconsin, these are findings of a national survey of more than 3,000 transactions.

The real estate industry has harnessed technology to the benefit of consumers, and will continue to do so. Real estate is both high tech and high touch.

There is no such thing as a "standard commission." Commissions are negotiable and prices vary. The fact is that commission rates have decreased 16% from 1991 to 2004 (source: RealTrends).

Good Progress This Week
While N.A.R. is fighting the battle with 20/20, let's not lose sight of the fact that we are getting good coverage on our latest second home study and other issues. Last week, on Good Morning America, an investor interviewed about today's changing real estate market commented that a lot of markets were doing very well and buyers can buy find real bargains. And just yesterday, on CBS? The Early Show, an investor advised homeowners to consult a local Realtor® if they are considering foreclosure or short sales.