The Wagner iTeam Real Estate - (719) 434-8346

Dispelling 3 Housing Market Media Myths – Myth #2: We are in a Down Market

The Media loves drama and loves to play on words (semantics) to get the BEST LARGEST reaction possible. We all know this, but then we all wind up getting sucked into the vortex of “Oh no! Did you hear what they said on CNN/FOX/CBS/ABC/MTV/NBC?!?” I do it. You do it. We all do it.

The words these well-spoken media-people use words in a way that will always “spark” something in our minds. And usually it is anything but positive, right? This is clearly evident in how they portray the current housing market. What we need to learn to do is temper the media with a bit of reality.

This brings me to my second Housing Market Media Myth …

Myth #2: We are in a DOWN Market.

I don’t care WHERE in the nation you are, I do not believe anyone is in a DOWN market. Argue with me if you will as I may be playing a semantics game, as well. However, semantics can have quite an impact on your outlook, so bear with me, here. To me, “down” is associated with “bad” and I do not see this as a “bad” market.

I like to call our current market a SHIFTING or CORRECTING market.

Why? Well, for many years we have been in a market where supply of homes was low and demand for homes was high. This, coupled with easy-to-qualify mortgage loans caused the market to lean heavily in favor of Sellers.

The pendulum is swinging like it always does. There are fewer loans and more homes available than even this time last year. In many places there are even fewer buyers and some areas are even seeing property depreciation. Yes. This all looks a bit daunting … or a LOT daunting.

But lets look at the UP sides, as it is not ALL Doom & Gloom:

  • This shifting or correcting market now allows home buyers to take a little more time in making a purchase decision. They are not being RUSHED into something that may ultimately be a bad decision for them in the long run.
  • Although many loan programs have gone the way of dial-up, we are still seeing low interest rates.
    “While rates are still higher than they’ve been in four years, they’re risen less than a point-and-a-half from the record low reached three years ago. And we are certainly no where near the double-digit rates of the 80s and early 90s.” Interest.com
    Read Also: Historic Interest Rates from April 1971 to April 2008
  • Furthermore, this SHIFT has caused dollar-chasing, money grubbing real estate agents and lenders to get out of the business leaving only the BEST, most knowledgeable and dedicated professionals to look after our real estate needs and interests.
  • HOMES ARE MORE AFFORDABLE. Watch the Video on Home Affordability (NOV 2008)

I do not see any of this as a bad/down thing whatsoever. Do you?

Read Also:
Housing Market Media Myth #1: There is a National Housing Market Crisis
Housing Market Media Myth #3: “I Cannot Sell My House in this Market”

Update: Check out the discussion about this post on Active Rain

Share

Leave a Reply

The real estate listing information and related content displayed on this site is provided exclusively for consumers' personal, non-commercial use and, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information and related content is deemed reliable but is not guaranteed accurate by the Pikes Peak REALTOR® Services Corp.

This IDX solution is (c) Diverse Solutions 2012.