The sounds of Silence in Newton MA are deafening. The Boston Globe last Sunday posted a piece about how weird the market is. The stated that there are fewer homes being sold this year than last year which is true. The writer went on with this and wondering what will happen next as if this trend was indicative on things to come. What the writer missed is that while fewer houses are being sold, they are being sold for 17% more money than last year. How this important statistic wasn't included is a failure in understanding the full statistical analysis.
Another point that was made this week was that the market is being slowed by the diminished first time home buyers out there. As it always does, this is followed by the statement that it is harder for these people to get loans. Well, this is just not true at all. The fact is that while underwriting loans is still in a very cautious stance, the lending guidelines are coming down. It is easier to get qualified for loans right now. Credit scores needed for a loan are lower than they have been in years.
As I read real estate articles written by journalists I understand that being a working agent gives us such a better feel for what is going on in the streets and neighborhoods than anyone not doing this can know. Journalists will trot out Case Shiller and other statistical powerhouses and make assumptions on those stats they choose and won't understand that they have omitted other stats that would make their understanding and therefore their piece far more accurate. As agents and professionals it is imperative that we constantly communicate to your clients, prospects and sphere what is really going on in our communities. Real estate is a very fluid market changing daily. Talk to an agent and you won't hear The sounds of Silence in Newton MA
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