Are we statesmen or politicians? Honest Assessments of the Housing Market

For the most part, I believe AR members are light years ahead of even  best local competitors because we are learning so much from each other.  I put out a monthly report, providing my input on statistics from our regional mls, and consumers really seem to like the analysis aspect of it.  I'll go back in at the first opportunity, and update the channel in the manner you proposed... probably later this week.

'Looking forward to meeting you tomorrow night at Pat's!

I will be happy to post on the housing market in Ann Arbor. I live with it everyday, having to do CMA's for sellers who can't sell their home for what they paid. I tell them the truth, some go forward bringing money to close and others rent, others try a short sale. It is depressing being a listing agent today.

Topic and channel noted! I'm on it!

I think it is important to build trust with the consumer.  Their lack of confidence is not just with the Realtor -- and that makes it very difficult.  Some buyers are very worried about their jobs.  They just don't have the condifence to take the leap!  The president and others warn it WILL get worse before it gets better -- and we are seeing the first bailout didn't work the way expected. Soo, i is important to paint a realistic picture, but very difficult at the same time.

Jonathan,

I think this is a fine idea, but the truth is that 80% of major markets lost value last year according to NAR.  I wouldn't expect that to change this year.

Local statistics are great, but statistics can be used to communicate any message the person wants.

I don't blame real estate agents for trying to sell real estate as that is how they put food on the table for their family, but it's kind of like doing a self audit.  You are going to find what you want to find in most instances.

For this to work there would need to be a uniform process of reporting data from one market to another.  Preferably, the supply v. demand, or sales versus listings, which would give you the month's supply of housing.  That is something you can stick a fork into.

Jonathan,  I have been gathering my year end stats for the Huntsville market, and they are "all over the place" according to price range.  Some of the figures are surprising.  I'll happily write a post about Huntsville's market :)  Lucky for us, overall our market has just remained flat.  Many homeowners are moaning and groaning about little to no appreciation.  They should thank their lucky stars that we aren't experiencing a major decline in values, as so many are right now.

The media is the politician.... WE are the Statesman.

Just a note of caution Jonathon- a lot of agents do not have fiduciary duties any longer, including here in Washington state. We now have Agency duties which are very specific and restricted.

We have been trying to do that on a regular basis maybe we aren't as upbeat as I feel about the market but time will tell.  This is a moment in time that we happen to live in. We are living history that agents in the future will talk about hoping they don't have to live it themselves.

It should be interesting to see this.  I know there can be a big difference here from one city to the next and even from one area of a city to another area.

I have been doing it every month.  I try to be honest in my assessment and provide insight into what the numbers mean.  We all need to do that on a regular basis. 

Jon,

"I am charging every ActiveRain member to author a blog post assessing the state of your local housing market. "

Is there any specific criteria that you want this assessment based on? Are we lumping all neighborhoods in the market area as one entity?  Do we assess condo's, single family homes and multiple family homes separately? What about different price categories? 

I agree with Mark  --  that "For this to work there would need to be a uniform process of reporting data from one market to another.  Preferably, the supply v. demand, or sales versus listings, which would give you the month's supply of housing.  That is something you can stick a fork into."

Jon,

We have heard the call and will deliver as requested!!! Thanks,   Fran

Jonathan, I will honor your call to duty.  I will participate in "Local Housing Market".  I am committed to Localism.

Paul, 100 Days to Change

AWESOME post, Jon......

THAT is taking your position as a leader in the real estate field and putting some muscle behind it!!

I will be posting soon about our local market in central Florida.... I had a post in draft mode for just that issue...

=-D

Alrighty then, you're on!

Jonathan,

It will always bog me that at the peak of the market NAR completely failed to warn us that market is cyclical, and when everyone was ecstatic, we were to warn our clients and customers.

instead just hype and hype and hype.

As a beacon, they are simply a complete and shameless failure

I think A/R folks are way ahead of others; but still - we all like to think *positive* - even when the truth hurts.

I wish I had known about this when I started blogging. I would have posted all of my market reports here, and will do so from now on. (I would go ahead and change the channels on all of my past posts, but for that pesky point reduction for editing posts provision that's still lurking about).