The public is tired of hearing that "real estate is local".
Okay, real estate sales conditions are local. That is pretty obvious. But, at the same time, NAR uses this cliche phrase over and over in television and radio commercials, in an attempt to reassure the public.
It almost sounds as if NAR is trying to persuade consumers that there are particular areas where the impact of the national economy goes completely unnoticed, like a sort of Shangri-La, where it never rains and the streets are paved with gold.
The phrase "real estate is local" happens to be one of Lawrence Yun's favorite slogans (Yun is, after all, NAR's chief economist).
The public isn't buying it.
Here's another NAR cliche. "All markets are different". Duh. Yes, all markets are different, and this one certainly is no exception. Things are different allright. They're different enough that the Treasury Department and the Federal Reserve are, at the urging of Congress and the Executive Branch, frantically pouring money into bailout programs for banks, lenders, securities firms and Fortune 500 companies.
And here's another one from NAR's "Economist's Commentary" online: "For many, this is a golden opportunity to buy"
No one is saying there aren't opportunities out there. But the general public sees pronouncements like this one as self-serving real estate industry cheerleading.
NAR is fond of talking about declining mortgage rates. Ask the consumer on the street how easy it is for the average person to get one of these wonderful cut-rate mortgages. Yes, it may be relatively "easy" if you have a top FICO score and lots of cash for a downpayment.
My point is this. Let's take advantage of the New Year to level with the public. 2009 gives us all the golden opportunity to start with a clean slate, to consistently provide consumers with a true picture of the real estate marketplace, whether national or local.
;)
;)
Hello Eric, I just stopped by to say hi and I hope that your 2009 is just fantastic!
Happy New Year!
your friend in Charlottesville!