As I sit in my office the day after Thanksgiving, I have decided not to spend my hard earned money with my local newspaper in Toledo Ohio. My local newspaper The Toledo Blade says it is "One of America's Great Newspaper". I have a little different opinion about our newspaper.
We all know that real estate has been tough this past year. All you have to do is ask your friends. One of the first things someone says to me these days is real estate is really bad, or I am glad I don't have your job. Now since they are not in real estate where do you think these people get this information? It's the newspapers, radio, and TV. Now I am not saying that real estate is a walk in the park, but is the sky really falling?
In The Toledo Blade's Letters to the Editor, (11-16-07) Ray Henderson's letter discussed about the reality of real estate not only locally, but nationally. By the way Ray Henderson happens to be the President of the Toledo Board of Realtors. It is available to read at www.toledoblade.com. According to the National Association of Mortgage Bankers recently released statistics, only 9% of all mortgages are sub-prime. The media makes it sound like the percentage of sub prime mortgages is much higher. Now here is another interesting point that was stated. Not all sub prime mortgages are in trouble. According to the National Association of Mortgage Bankers, of the 9% of sub prime mortgages 75% of that 9% are doing just fine.
Well, I don't do TV advertising and I don't do radio advertising, but I do advertise in the newspaper. Guess what, I am not going to advertise in the newspaper any longer. Why should I spend my money with a company that is saying the sky is falling. I would suggest that any of you who do advertising in the newspaper, radio, or TV do the same. Now I know some of you will say but my seller's expect me to advertise in the media. If you said to them 80% of all people start looking for a home on the internet, wouldn't you rather me spend my advertising dollars where the people are looking, I believe they would want you to focus on the internet. Let's say, they said no, I believe in the newspaper. If you responded, OK I am going to take out an ad for X amount of dollars to have an Open House on Sunday. If I get an offer on your house from this ad I will pay for a Home Warranty, but if I do not get a buyer you have to pay for the ad. How many sellers do you think will agree to this proposition?????
I remember when I bought my first house in 1979. The interest rate was 11% and you did not go looking for a home unless you had 20% to put down. In fact, the interest rates shortly after I bought my house went to 18%. Now let me ask you is now a good time to buy a house. You bet!
The sky is not falling, What if we all banded together and said we would not advertise in the media until they start having headlines about the positive real estate topics. What a difference we could make.
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