I can't turn on the news as of late, or open up the New York Times, without seeing a doom gloom article stating how the market is going to go into a "double dip" and that prices will plummet once again. And if I am seeing this, I can only assume the consumers are reading the exact same thing.
The funny thing about all this, is that it is complete rubbish! The newspeople just want to have something to talk about! The market is not plummeting, and the only reason home sales were down was perhaps due to the fact that an $8000 First Time homebuyer credit expired!!!! But did they mention that? Its quite obvious that about 2-3 months worth of buyers crammed themselves into the last applicable month that the credit applied to.
But you won't read about this, you will only read about articles telling buyers its not a great time to buy. That statement in itself is a joke! Why shouldn't one buy? Is it because prices are down 60% from their peak? Is it because rates are at all time lows? Maybe its due to the fact that owning is now more affordable than renting in most of my local markets? Its a total joke that the media takes a misleading stat (home sales down 1 month after a tax credit expired) and runs rampant with it!
Perhaps they should come see my local market, where correctly priced homes still pend within 30 days. Where homes are flying off the market, and demand still outweighs the supply. Where even 55+ homes can pend in 4 days (7688 Couples Way, Hemet CA 92545) Yes, this was a project I did! So please spare me the theatrics, and before you run wild with an untrue story, perhaps you should do some fact checking!
I am not saying the market is as strong as it was when the credit was here for first time buyers. But to say it will go into a second freefall, simply is rubbish! Quit scaring buyers away, and go report on something meaningful!