LET ME SELL YOU THE BROOKLYN BRIDGE! Media Lies & Misstatements about the Real Estate Market
Well this post is a great example of how the media 'just clumps' the entire real estate market into one national bushel basket. When you hear the media speak, don't be fooled. All real estate is local so find out what your market is doing just for your area.
I hate the be the person that bursts everyone's bubble but there has been no equity return or rising home values in our area currently. In other parts of the country that might be true but in the Northwest Suburbs of Chicago things are starting to sell fairly well. Don't be looking for your past home equity to arrive in the mail.
Thanks to Lenn Harley for her thoughts.
LIPSTICK ON A PIG???
Good Grief. Do they believe that we are so ignorant as to see good news in the housing numbers published these days??
This rant inspired by Obama Administration Releases September Housing Scorecard
• Rising home values have brought homeowner equity to its highest level since the third quarter of 2008 and helped lift 1.3 million families above water.
"homeowner equity to its highest level since the third quarter of 2008????"
HA! Our home prices are back to what they were in 2003-2004 with NO VALUE FOR THE 10 YEARS in BETWEEN.
"helped lift 1.3 million families above water???"
HA! That leaves only about 12 million still UNDER WATER.
If the housing reports didn't insult our intelligence to the degree they do, perhaps our "confidence level" would improve. Not yet. Who puts credence in "confidence levels"?? They change based on what they read or believe which can be wrong, wrong.
Are we going to believe what we read? Or, are we going to believe what we can see with our own eyes??
Hey, Mr. Reporting Service, we agents and brokers have our FACTUAL and ACTUAL DATA with which to compile our own reports. Oh sure, many agents will believe your positive reports. Many agents were not in business 10 years ago. They have no historical or institutional memory and have only a "snapshot" of the housing market. Snapshots are not as helpful as TRENDS.
Our housing market LOST 30-40% of market value between 2007 and 2009. Now, we're supposed to celebrate when there is a whopping 5% increase in average or median home prices. Those home owners are now ONLY 25-35% UNDER WATER.
Why do our FACTUAL and ACTUAL reports show SLOW INCREMENTAL OR LITTLE TO NO IMPROVEMENT IN THE HOUSING MARKET IN OUR AREA??? But, Lenn, all real estate is local. Sure, all real estate is local but if the stats are concentrated in only narrow LOCAL areas, where does that leave the real of the area???
BTW, Mr. Reporting Service, Washington DC, Northern Virginia and Maryland (sometimes West Virginia) are NOT ONE MARKET. Combining these unique markets into one report simply confuses consumers.
OPPORTUNITY TIME FOR HOME BUYERS. OF THIS I AM SURE. If there is a silver lining in the real estate market today, buyers should be jumping off the fence and buying a home. Incredibly low interest rates and home prices are OPPORTUNITY TIME for HOME BUYERS.
OPPORTUNITY TIME FOR SMART REAL ESTATE AGENTS. The other silver lining is the intelligence of many real estate agents and brokers who have taken the time and done the hard work to learn the SHORT SALE INDUSTRY. We, agents and home owners and home buyers have been at the mercy of the financial industry for the past 5 years trying to navigate SHORT SALE transaction for consumers, buyers and sellers.
Courtesy, Lenn Harley, Broker, Homefinders.com, Serving home buyers in MD and Northern Virginia, 800-711-7988.
ON THE FENCE.
_______________________________________________________________________________________________________
Want to learn more about Loudoun County, VA? Join Loudoun County, VA on Facebook!
Comments(3)