So many ways to get the news nowadays... The internet, twitter, facebook, foursquare, LinkedIn, ActiveRain, Fox News, CNN, MSNBC, Apple & Droid apps, newsmags, etc... The list can go on and on and on... Seems like everyone is an expert these days.
We can search Google for anything we want, and get instant gratification to our endeavors. Maybe even read incorrect news, but from what we thought was legitimate... Thus leading to a skewed understanding of the real stuff that is actually out there.
Economists interpret national stuff, and our clients view this as local stuff...
So, if someone asks us, "how's the market"... Be prepared for the rebuttal to your answer. Since they may think THEY are experts, and may challenge your response.
So my advice? Say this, "That is a great question, are you considering buying or selling right now" Then see how the conversation will go from there.
Never get into trying to quantify the actual market, because you may actually loose in their minds. (remember, they are reading and reading, and may THINK they know more than you do) Instead talk about what the market looks like for them in their particular situation. Say they need to sell, help them understand what it will take to get their home sold in this market. Say they want to buy, show them the advantages of buying in this market.
Now, I am not an economist but I do track stats daily. Even with that knowledge, I try to stay out of interpreting the national economists. Instead, I stick to what I do know... The local market.
What do you do in this type of situation? I would love to hear all ideas!