Media Hype

By
Home Builder with Long Island Cash Home Buyer

Stop following media hype


Every day we are bombarded with statistics and data.  Housing starts are up, housing starts are down; more job losses, unemployment is improving; foreclosures, short sales, housing inventory, interest rate movements, and much more.  It’s enough to make your head spin.


There’s an old saying that claims: “All real estate is local”. It infers that national numbers are good reference points, but that individual communities (or even pockets within communities) can have strikingly different realities.  When prices are falling nationally, there are some places where prices are holding steady or rising as an example.


I believe that even that old saying is too broad.  Buying a home or structuring the financing of a home isn’t a local phenomenon….it is a personal one.  It’s the same as the economy.  Even though we have been suffering through a national downturn, many are having their best years ever.  Unemployment, foreclosure, even homelessness are tragic statistics and things to be aware of. But, for those not in those situations, you need to make decisions that will best serve your PERSONAL goals. To that end, it is a great time to buy a home, for the reasons touted in this space regularly:


Low-interest rates make houses more affordable
Tremendous available inventory
Home prices are in line with income levels once again


It is also a terrific time to sell.  I heard an agent say just last week that there is NO INVENTORY available.  He further explained that properly priced homes are selling almost immediately and the only homes on the market more than 30 days are ones that won’t sell because of unreasonable seller expectations (and agents who aren’t strong enough to deliver the truth to those sellers).  A strong statement, yes- but one worth taking into consideration as you ponder your PERSONAL situation.  And remember, sellers, become buyers. They get the advantages buyers are enjoying as well.


Bottom Line
My advice is don’t be a sheep following media hype which analyzes data that reflects the past (and not the present or future) or looks at national numbers or assumes that your job, credit standing, or savings are in jeopardy. YOU need to look at your individual life and decide for yourself. 

Comments (5)

Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Beth,

More than ever we are bombarded with BS left and right.  We cut cable years ago, and stopped watching the news...A

Aug 12, 2020 02:03 PM
Beth and Richard Witt

Good for you... Rich and I are almost at that point... 

Aug 12, 2020 02:58 PM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Great post and so true. I only follow CA Real Estate news and San Diego market news, we don't watch TV news except occasionally World News Tonight, a nice short unbiased 30 minute program. 

Aug 12, 2020 10:10 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Beth and Richard Witt -  I am 100% with that.  Turn off all of the media hype.  Study your situation, make a goal, and do it.

Aug 13, 2020 07:12 AM
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Safe advice.  Listening to the hype can also be depressing and that's a wasted effort.  Great post!

Aug 15, 2020 04:52 PM
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Nowadays, it's mostly FAKE news, so, it's difficult to get the true facts from the MSM, regardless of the type of news that's being reported. Anything that might have an impact on your lifestyle must be thoroughly researched and verified because the MSM slants most news stories to fit their narrative whether it's economics or politics.

The challenge is that most consumers don't verify anything that they receive from the MSM or their resources, consequently, most are ill-informed or worst, misinformed. More than ever, it's buyer beware. Great post.

Aug 16, 2020 11:08 PM