First Person: National Real Estate News is Taking You for a Joyride

I keep pretty much the same routine each morning. I get up, make my coffee, peruse my social media networks and read the most up to the minute headlines. More often than not, I am drawn to real estate columns; I suppose it’s an occupational hazard. For the most part, the reporting is accurate, albeit on a national scale. The problem I have is that national news isn’t an adequate reflection of my local market. Now, try to tell a buyer that.

Market Perspectives

When you are watching “20/20,” reading Yahoo news or clicking on the latest mortgage lender fall out headline on your smart phone, you are only getting a portion of the entire picture. While no one can argue that foreclosure rates are higher than they have been in decades and that the real estate market is slow in many areas, that doesn’t make those details spot on in every city. Every market is different and unique. Indeed, there are microcosms of markets in even the most depressed economic areas that thrive even today.

Does “Doom and Gloom” Reporting Make Things Worse?

If I had a dime for every buyer or seller that expressed hesitation to buy and sell in my local market (one of the top 10 in the nation, by the way), I wouldn’t need to work for a living another day in my life. Even though my immediate area saw a price decline of only 3 percent – yes, total – in home values since the bubble burst in 2007, the fear the media spreads goes on buyer psyches like creamy peanut butter. Ultimately, the buy in from reporting and statistics with the general public breeds hesitation; something that could be slowing even healthy markets, like mine.

Who Should you Turn To?

Naturally, it would make sense for me to advise you to “Ask a Realtor,” heck, you are probably expecting that. However, I am going to go against the grain and advise seeking out local real estate news in favor of national news. Better yet, I would tell potential buyers and sellers out there to look for information from their local board of Realtors. The local real estate commission keeps track of sales, prices and all relevant information for your immediate area, a much more credible information source than relying on national news anchors. In fact, many local real estate commission websites make local sales data and market values readily available on their websites.

For a list of local real estate agents or for general real estate advice and tips, I recommend (both to my clients and to you) checking out

More from this Contributor:

5 Reasons Not to Hit the Roof Over a Home Inspection

6 Ways to Get Fired By Your Real Estate Agent

The Importance of Choosing the ‘Right’ Realtor

People also view

Leave a Reply

Your email address will not be published. Required fields are marked *