Recently, I was responding to a realtor/broker in  Illinois (Contact Richard Ives) who made a great point in his blog regarding the actual sale trends in his area.  Richard indicated that while it may be taking 100 days or so, Sellers are in his locale ae  still getting within 3% of their asking price.  It is this kind of detailed analysis that I think we need to proffer besides the "It is a great time to buy" mantra in order to change the minds of consumers who are on the fence.

I think that it is important to  provide a deeper look into the statistics and the trends that are happening out in all of our markets as real estate professionals.  What we are combating is the media's gloom and doom outlook coupled by the not-so-persuasive retorts of real state professionals:  There are a great number of people who have been hearing Realtors say the same things since 2005 "This is a great time to buy!", when obviously it hasn't been a great time to buy for everyone, as prices have continued to fall nationwide from 2005 through to today.

I think that because of our tendency to overemphasize the positive in the hopes of generating sales, people listen to Realtors with a great deal of skepticism because it seems sometimes that Realtors always think it's a good time to buy.  Think about it, have you ever suggested to an interested buyer that "Now may not be a good time to make this purchase."?  In order to win the trust of the public, and offset all of the negative media we are hearing, we must, as real estate professionals, pinpoint which segments of the market would do best if they bought today. 

For example, I do some foreclosure work for a local bank and have been paying attention to the short sale trends and auction trends in my area.  One segment of the market that looks great is the multifamily market.  In Springfield, Massachusetts there have been upwards of 450 multifamily homes on the market and an average of 60 homes advertised  for auction each week for several months straight.   No one is buying at auction!  Lenders are willing to take less than they are owed if only someone will bid! Rents have stayed the same for some time - they are often subsidised in my area, and the job market has been stagnant.  It is possible to purchase a 2 or 3 family where only half of the rental income is needed to sustain the property (paying for principle, interest, taxes, insurance and maintenance) and the other half can go in your pocket!

In my area I would say that is a great time to buy an investment property if you have saved a few dollars and are looking to invest in an income generating property that you are willing to manage for a few years until the market turns around enough to sell at a profit. . . .

I think a more detailed message like Richard's and mine will be better received  by the public and will actually start to steer the media. . . what do you think?