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ARE WE THERE YET??

Lately, my clients and others who find out that I am in Real Estate keep asking me: Have we hit the bottom of the market yet? I get asked so often it seems similar to the never ending car trip question. Are we there yet?

When you are in the car you can point out the mile markers and judge how far you need to go to reach "there". In Real Estate we have our mile markers, but there are many road blocks as well. One of the blocks seems to be the media and its interpretation of the market. Unfortunately since the press usually uses a variety of prognosticators, most of which have never shown or sold a home. The markers used are usually last quarters statistics as indicators of the journey. By the time you have digested all of the stats the market could very well be different. I often wonder why the media uses economists, professors, and last quarter statistics. Personally even when I want the answers to the market, I ask my fellow Realtors, seems simple to me, go to the source, the expert in the field. In todays world it seems that so many people use the media to tell them what the answers are to all their questions. But they are not in the business to actually sell you a home or negotiate the best transaction, seems silly to take their word for it. I think they really don't care about you, they care about ratings, units sold and the bottom line for them.

So I tell my clients to stop listening to the media and to ask real estate questions of real estate professionals, lenders and title company representative. So are we there yet? Here in the greater Phoenix area, I think we are bumping along the bottom. Picture a plane trying to get lift, skipping along the runway and then eventually lifting off. Our inventory is slowly going down, rates are wonderful and as usually the sun always comes out after a rain, eventually.

Have a safe and happy trip! Real Estate is part of everyone's journey, ride with someone who is dedicated to make the trip enjoyable and trouble free!

Karen Turney/Homes in the greater Phoenix Area

Posted by Karen Turney-Phoenix Real Estate on 04/18/2008 12:40 AM

Comments (8)

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8 Comments on ARE WE THERE YET??

Karen, Great post! You are so right about prognosticators, I read an article on the internet a while back that at any given time you could poll 100 economist and 45 of them would tell you that we are either in a recession or headed towards one. I agree that those that are seeking market conditions should ask Realtors and not rely on the media. Great post!

04/18/2008 12:55 AM

by Tony & Darcy Cannon - The C Team (ERA Realty Center)

Hi Karen: I think one of the better indicators of "are we there yet?" might be the Consumer Confidence figure. Although there are many, many causes and indicators for this slowdown... so much of this is emotional. And... once those emotions start... they are like a snowball rolling downhill... so hard to stop until it hits something. Thanks for sharing...

04/18/2008 01:06 AM

by Fort Worth Real Estate - - - Karen Anne Stone (RE/MAX Trinity)

Karen... I just noticed that this is your second post. Although your first one was in February, a belated "Welcome to Active Rain" to you. It appears you might be a pretty good story-teller. Write more often... you write 'em, I'll read 'em.

Also... I invite you to take a look at my posts, and read a few. Again... welcome to Active Rain :)

04/18/2008 01:08 AM

by Fort Worth Real Estate - - - Karen Anne Stone (RE/MAX Trinity)

That was beautifully phrased Karen. People forget that a home is not just an investment, but is primarily a HOME. Though you might not want to own that stock tomorrow, you'll still need to live somewhere. It is a long term investment, and is also a necessity at the same time. In my area some homes have appreciated by seven fold in about 15 years. Not a bad return!

04/18/2008 01:10 AM

by Jackie Garber (Charles Rutenberg Realty)

We won't know that we've hit bottom until we look back with hindsight, three months after it's occurred.

04/18/2008 01:36 AM

by Lisa Lambert, Esq. (1031 Exchange Expert) (1031 Exchanges - Asset Preservation, Inc.)

Thanks for this post. I think that part of the problem has been that real estate agents have not always kept their clients abreast on what is happening in their communities. You're right...we are the experts. As we do our jobs with professionalism and diligence, that respect is earned...regardless of what the "talking heads" in the media say at any given moment.

04/18/2008 10:44 AM

by Lola Audu~ Audu Real Estate~ Grand Rapids, MI Broker

Great points Karen, the potential clients should ask their local professionals about the market.

04/18/2008 10:59 AM

by Mike Jackson (Realty World Global)

Good post Karen and yes, people need to talk to professionals in the local market and tune out the national news.

04/18/2008 02:45 PM

by Fox Cities Real Estate Hotline--- Bob Edwards- Appleton, WI (Coldwell Banker- The Real Estate Group)