As I have mentioned before, the media coverage of the real estate market in general is usually rather poor. I'll just leave it at that for now.
And I am not one to agree with everything that comes out of NAR either (National Association of REALTORS®).
In the case of the national media, things tend to get generalized often and the one thing that you can count on
is real estate is NOT nation wide - it is local - and every local market is going to be different. I have sang that song always.
Yesterday, Chief Economist of NAR, Lawrence Yun was in town, and although I wasn't able to attend, I have heard from a few colleagues what was said. The summary I got was the Denver market is going to be better than others across the nation and that the biggest thing holding buyers and sellers back was pessimism, fear and perhaps coverage of the national media.
Fear? Pessimism? Fear from the gloom and doom of the media that the sky is falling?
Now I am the first to admit that things are not all rosy in Dodge. Just yesterday (while Mr. Yun was speaking) I was viewing a 1.65 million dollar home. Bank Owned. A family that lost their home in this whole disaster-ous mess. So yes, sometimes the market is not so kind. Certain areas in Colorado have been very hard hit with foreclosures, causing Colorado to rank very high on national foreclosure lists at times over the past year. Yes, there have been and are some major issues.
But there are buyers out there, there is activity and homes are being sold. And that will continue - unless the Denver market stalls because the national media keeps telling how bad the real estate market is. Again, I am not saying its all great. But its not as bad as some are making it out to be and it has potential to be one of the better markets in the nation in 2008.
Well, Then I found the coverage in the local paper. Actually another colleague forwarded one of the articles to me, but I had already seen both. Mr. Yun's quote was better than I hoped for. Now, he didn't use the word fear, at least in the paper. That was just the description I had received.
Here is my favorite line from the Rocky Mountain News:
"The one thing that may be holding back your market is buyer pessimism. I think for your housing market it is irrational pessimism. You have very strong affordability."
And of course I have a favorite quote form the Denver Post as well. (from Yun)
"There's too much focus on the national figures, national figures can dampen consumer confidence."
You can read the Denver Post article in its entirety here. And the Rocky Mountain News article here. I would urge anyone that has been nervous due to national coverage to read these articles. And I really hope the reporters from the Rocky Mountain News and the Denver Post will see that there is a real story to follow here and spread some good economic & real estate news for Denver.
Follow this story in Denver real estate. Watch this & talk about this. The Colorado real estate market is going to be ok. 2008 has the potential to be a good year for Denver real estate. Real Estate is local.
Read also: Buyer's Agent in Colorado: Do You Really Need One
Denver, Colorado & The South Metro Suburbs - Relocation Package
Denver Corporate Relocation - Coming or Going - Here's the Scoop
Steve Scheer, RE/MAX Masters, Inc.
Denver Real Estate
You can read more about local activities and local real estate on Real Estate in Denver and the Suburbs.
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