”Our sense is that home sales may have reached a low in August.”

By
Real Estate Agent with The Eric Steart Group of Long & Foster Real Estate MD 586955

 

Who could forget these words:

     ”Our sense is that home sales may have reached a low in August.”

Who said this?  None other than the the National Association of Realtors chief Economist, David Leigh. 

When did he say this?  The fall of 2006! (released in a press report).

 

WRONG!   He added that the inventory or unsold homes would decrease in early 2007, (open mouth and insert foot further):

     "to the point where home prices will rise, but at a slower pace than historical norms.

 

WRONG AGAIN!

One of my favorite pieces on the housing market comes from this now famous exchange between Jim Cramer and the then 2008 president-elect of the NAR:

 

At the time this was aired on cable (Sept 2007), Jim Cramer (noted stock investor/commentator) was right.  SPOT ON correct.  To the buyers who listened to him and waited to buy, Cramer has become their hero.  Who would have thought that the NAR could get it so wrong, and that a stock trader could have been so right?

Although difficult, sometimes it pays to go against the current wisdom of the "experts" and look for guidance elsewhere.  You never know, you just might be happier that you did, and have a little more money to show for it.

 

Looking for guidance to help you navigate this current housing market?  Call me for a free consultation.  I'll be happy to share my insights with you and help you make the best decision possible with your home.

Comments (3)

Jeff Underwood
HomeSmart Realty - Gilbert, AZ

Great post and awesome video!  I always love to see how the so-called experts in ANY industry get it wrong time and time again. 

Thanks for sharing.  Keep the blog posts coming.

Jeff Underwood, The Street Economist

The Ugly Truth About Money

Feb 18, 2011 03:08 PM
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Dan,

I do not like to be in the herd for investments.. Against the herd has always worked better for me.. that way when everyone is buying, I'm selling (highest market) and when everyone is selling I'm buying (best buys) .  The experts often seem to speak to the "herd" and then miss it anyway!  Nice.

Apr 12, 2011 02:54 PM
Laura Murray
Weichert - Silver Spring, MD
Search Montgomery Co., MD for homes www.MDRealEstateOnline.com

As they say hind sight is 20/20.  On a sidenote s someone who lives in Montgomery Co. MD, it is always nice to hear your country being referenced as in the "special" category.

Jul 14, 2012 05:09 AM