Confused

Dear Real Estate,

What’s going on in the Real Estate market these days? We’re confused by the reports we get. The information seems conflicting.

– Confused

 

Dear Confused,

Conflicting Real Estate headlines are marching across websites, blogospheres, newspapers, magazines, and everywhere else headlines congregate.

For example, witness these contradictory headlines, which appeared within days of each other: “Home Sales Slow Down“ as opposed to “Home Sales 19% Higher.” And “Sales Prices Inching Up” as opposed to “Prices in Sharp Decline.” And “Buyers in Short Supply” as opposed to “Buyers Abound at Record Levels.” Anyone not confused by these must be confused.

Granted, markets are hard to read. Not to be forgotten however, is the lesson learned from my chalk-covered, eraser-clutching Professor of Economics. “All markets are local!” he would bellow. Bony finger in the air, one eyebrow raised, flecks of foam at the corners of his mouth, he stared us down. “All markets are local!” he repeated. “Forget the national headlines!” We the student body responded to his maniacal enthusiasm in appropriate fashion, slack-jawed and dim-lidded. The good professor held the sides of his head, shuddering at the futility of attempting to instill this critical concept into such a thick-skulled body of students.

The Professor’s efforts were not squandered, however. His lesson is forever embedded in at least one thick skull, burned into bony matter as if with a branding iron: All markets are local!

With that concept in mind, Confused, we sought the answer to your question by jumping in the trenches and interviewing real-life practitioners of local real estate:

Q.: What’s going on in the local market these days?

Local Realtor: Much busier than six months ago. More calls from sellers now. We’re list-pricing aggressively and selling successfully. Plenty of buyers, too, with multiple offers in many situations.

Q.: Is it easy?

Realtor: Very funny. No. Escrows take as long as they ever did, and are at least as complicated. Buyers have a hard time qualifying for loans. Loan underwriters demand repairs even if buyers don’t. Appraisals come in low. Short sales still take forever. I’m working harder than ever.

Q.: What’s the good news?

Realtor: We realtors are working well together. Teamwork is getting the job done.

Q.: When will the market change?

Realtor: Can’t say. Working hard feels good right now.

Less confused, Confused? Stay away from national headlines, they’re confusing. Remember, “All markets are………………!”