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GLOOM AND DOOM... its not bad after all

THE SKY IS FALLING!

THE HOUSING MARKET IS DEAD!

NO ONE CAN GET A HOME LOAN!

FORECLOSURES OVERTAKE SALES!

BUYING A HOME IS THE WORST IDEA EVER!

Pretty dramatic huh? I am waiting for these headlines to be on the front page of the paper soon. Take a look at your local news paper... The headlines usually are this dramatic aren't they?

The truth (if you can find it) is usually buried 5 sections in and on the 4th or 5th page of that! For example...

A few months ago, the Charlotte Observer ran story after story about how Foreclosures were up, the market was hurting and mortgages were getting hard to get. These all were front page headline stories. People that read the paper saw this and read the articles. But since it was the BOLD headline on the front page, even those that do not read the paper were able to form opinions and get sacred about making a move.

However, during those months, there was good news. If you actually read the paper, usually the Saturday morning New Home and At Home sections, you will see these articles. For example, 2 months ago there was an article stating that foreclosures were not that bad in Charlotte, and that our market was still a strong one. But, the headline wasn't as big as the front page ones are, and you had to actually look several sections back to find it.

Today, in the New Home section (thats Section H) on page 6, there is an article on how most homeowners are still ahead on equity gains. The subtitle states "Sad stories aren't the rule." Imagine that! But did that make the front page? Heck no! That won't sell no papers! Besides, the fact that the mountains got snow and people can ski is much more important and get's the front page!

My point is this... people are being force fed the negative while they have to search for the positive. We in this business really need to get together and with one solid VOICE let people know that the sky is not falling, that housing is not dead, that home loans are still available and rates are great, that foreclosures may be up slightly but not the rule and that buyng a home is still the best investment of their lives!

Anyone with me? Let's let them know!

___________________________________________________

Ed Nailor
1st Metropolitan Mortgage
10801 Johnston Rd Suite 213
Charlotte, NC 28226

704-248-8694 Phone
or visit www.EdNailor.com

home mortgage loans in Charlotte

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Posted by Charlotte Home Loans - Your Charlotte Mortgage Lender on 11/17/2007 08:04 AM

Comments (12)

real estate, realtor, mortgage, media, buying, home, nc, charlotte

This post has been included in North Carolina Information

12 Comments on GLOOM AND DOOM... its not bad after all

NOV

2007

There is an old saying in the newspaper business "IF IT BLEEDS IT LEADS". Negative press sells papers. Every time there is a positive story it is considered a fluff piece and is buried on page 8. My local Association of REALTORS just formed a new PR committee and we are spending some of our dues revenue on a own local advertising campaign with articles and stories that only have a positive spin. Since we are the number one advertiser in the news paper here we let our editors know that we are a united front and wanted to see more positive articles and less slamming of the market and our profession or we would take our business elsewhere. Remember the people who hold the purse strings have the power with the print press.

That is awesome! Sounds like a great plan. Has it been effective?

I'm a realist and have studied all of the facts involved in pricing, volumn, etc. in my market in Maryland and Northern Virginia.

It IS as bad as they say. No need hiding the facts from the consumer. The sooner the consumer understands the facts, the sooner we can get prices down to where folks WILL buy. As it is now, with sellers digging their heel in, buyers are not buying in sufficient numbers to represent a viable market.

Apparently our beloved Newscaster have moved their Soap boxes to your part of Town. It is mind blowing how eager they all are to report negative articles about Real Estate nation wide. You would think that all the Tom Brokaw's and Matt Lauer's of the world live in a decent place of there own. And you would think that they have the same interest in some positive news as you and I do. Maybe we are all mistaken and all those self proclaimed experts are all living in Tents in Central Park and are just jealous of the people that did achieve the American Dream.

I will admit that the market is soft. Partly due to the mortgage industry issues, but I think the press has fed that big time!

I do know that Charlotte has had some good press about how its not that bad here. My point is that those stories get buried. According to the paper today, closings are off 23% from last year, however contracts are only off by 12... that's 12 contracts, not 12%. That comes out to 0.4%. So maybe the market is softer than last year.. I would expect it to be... subprime lending is not what it was a year ago either! That alone could account for a 23% drop in closings!

I don't think we should hide anything from the consumer base in our area. But I think we should share the positive as loudly as we can because the press will only SCREAM the negative and whisper the positive.

We as a collective group must spread the positive as much as we can! I for one am excited... rates are still at all time lows and I have as many ways to get someone qualified as last year... just different ways.

Realtors can do well in a bad market and a good market. Thanks for sharing the information.

Your so right, the media lives on doom and gloom but there really are silver linings to all those dark clouds.

Take care!

RJH

It is difficult to get at the truth. The media doen't really want to know . They just want ratings and it seems misery does love company after all, Or at least gets attention

Thanks for the comments all. Lets see if we can find a common voice to spread the good news about our business.

NOV

2007

I get copies of "doom and gloom" newspaper articles e-mailed to me all the time. In response, I say that real estate markets are local and that people are still buying and selling homes. In my market area, some types of properties have increased in value over the past year - multifamilies, condos, co-ops.

Great point Gail. It is local and we should make sure that the positive truth gets out.

Sad Stories Aren't the Rule should have been the lead headline! I sure agree with you, Ed!

Mike in Tucson

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