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Where's the bottom?

I am fortunate enough to live and work in a market which is still enjoying appreciation, and a relatively low absorption rate when compared to the rest of the country.

Much of the United States isn't as fortunate, but I'm a little confused why consumers and the news media continue to ask, "where is the bottom of this price decline?"

Uh, how about when you say it is?!?!?

The fact is that the bottom won't come until buyers hit the market, and realize that it is a good time to buy. Those buyers will not buy until the news media stops asking the question contained in the subject of this post.

It's sad to say, but now that the media can't find anything "newsworthy" in Iraq, and now that gas prices are falling slightly; I think the top story on most newscasts will continue to be the housing crisis that they've helped to create.

__________________________
Cameron J. Keegan - Realtor
Prudential C. Dan Joyner Realtors
http://www.GreenvilleMOVES.com

Posted by Cameron Keegan - Greenville SC Realtor on 08/12/2008 01:04 PM

Comments (8)

housing crisis, buying real estate, media spin, housing price decline

This post has been included in South Carolina Information Greenville County, SC Information

8 Comments on Where's the bottom?

AUG

2008

We are seeing a great summer in our area. The sales are up from last year and there are BUYERS

We have a few buyers, but really more looky loos and lots of sellers.

The media certainly has a lot of power. It would be nice to see it being used for a positive end goal one day!

Oh yeah, there are buyers in every market, but there will be far more when either the buyers stop listening to the news, or the news realizes that real estate is local.

Here in Katy, a suburb of Houston, we are seeing recovery in one very large area, southside of I-10. Still, it's the same-old-same-old from buyers. Everybody is looking "for a deal". It reminds me of those who won't purchase stocks waiting for an arbitrary "bottom". The media has a significant influence on not only housing but the stork market, too. It's so frustrating when they push us into a near-recession if not the real thing.

Julie

fuellingkaty.com

I agree that the news has a significant impact. Buyers are becoming more active in Central Florida despite the false negativity. Hopefully that will continue.

Isn't that something...they're always looking for the "negative" and the housing market seems to be one subject they don't let go of.

Cameron,

I am , also, in a market that has continued to appreciate, for two reasons. One, we never experienced the dramatic "bubble" increases seen across the country. Secondly, our job market is booming, which has helped with new buyers.

The problem, in my opinion, is that, although real estate appreciation/depreciation is local, the credit tightening is national and scaring off potential buyers!

Thanks for the post...

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