THE CAPITAL REGION REAL ESTATE MARKET
It seems that I field the same questions over and over again. How's the market up there? My usual reply goes something like this: "while the market in areas where medium home prices have far exceeded medium household income, those markets have experienced a minor correction, the Capital Region on the other hand has normalized!" The reason why we in the great Northeast have not been subject to the same correction is simple medium home prices are still very reasonable in relation to medium incomes!
Now to what I feel is a problem for all Realtors in any marketplace is the constant and unending news coverage of these corrections and how they appear to the average home buyer or for that matter the average seller as well! The news coverage scares the hell out of them! I think that this fact has helped soften the market even further. I think one of the ways we can combat this trend as Realtors is to stop using words like "Correction, Softening Market The Bottom Has Dropped Out" and instead when we talk to clients use words like Normalized & Reasonable Levels. It is our job as Realtors to educate our clients, to give them the correct information about the marketplace that affects their real estate holdings.
In conclusion as things get better and news coverage becomes positive again my recommendation would be to all of us that hang the title of Realtor on our door, pick & choose the words you use to describe your marketplace with care because even when we think our clients aren't listening to us, they could be listening to the news anchor whose only experience in real estate is the home he purchased for himself! Remember you are the professional; your clients should look to you for the direction the market is going!
Anthony V. Tortora CBR, SRES, GRI
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