Tammy Anderson-Owens- Thoughts

head_left_image

How is the national media affecting home sales?

OK, this is my first ever blog post.

I have to share a frustration. I'm watching news story after news story talk about how horrible the market is. And, for some parts of the country they're dead on.

However, not all markets are that gloomy. For example, here in the St. Louis market, you couldn't find a much better time to buy. We are experiencing a great job market, stable home prices, great selection, low interest rates and in many cases the buyers are walking into equity.

Now the frustration. The national media is scaring people out of buying! Buyers are having trouble grappling with the fact that real estate is local and that they need to ignore what's happening in other parts of the country. It doesn't apply in our market, but I'm having trouble convincing people of this. This fear being planted in the minds of todays buyers could likely make them miss out on great opportunities. Waiting to buy might mean they miss out on todays great interest rates, home prices could go back up, and on and on...

Finally, Bernice Ross, a nationally known real estate coach and trainer has taken the media on. Click here to access an article by Bernice:

http://www.realtown.com:80/articles/educational/realestatecoach-com-wages-war-on-the-negative-media

I will find a way to change the mindset of todays buyers.

A question to my colleagues. How is the media affecting your market and how are you combatting it?

Tammy Anderson-Owens
www.MetroEastHomeTeam.com

 

 

  Facebook   Twitter   Activerain       LinkinIn

 

Tammy & Rick Owens, Broker/Owners
"The Gateway Home Team" of
RE/MAX Alliance
618-581-8729 or 618-977-1270
Info@GatewayHomeTeam.com
www.GatewayHomeTeam.com

It is always a pleasure to serve you and your friends. 
If you know of someone that is interested in buying or selling a home,
please do two things.  First, tell them about me, second hit the reply
button to this email and tell me about them.

 

Comment balloon 9 commentsTammy Anderson • November 13 2007 05:20AM

Comments

I just don't watch the news anymore so it doesn't effect me..that is first and foremost. Now, I send with letters some well needed educational material and sale statistics in my mail -outs. Here in TN buyers are still buying, sellers are still selling...
Posted by Melissa Grant, The Law of Attraction In Life & Business (A Serendipity World) over 10 years ago
They are chicken little in disguise.  They seem to report only negative things.  They must be a fun group to hang around with.
Posted by John Walters, Licensed in Louisiana (Frank Rubi Real Estate) over 10 years ago

The media has very little impact on the market.  The media was behind the curve on the downturn and on the subprime crisis.  Blaming the media is just an excuse to rally the troops.

Posted by Frank Jewett (tech4REpros) over 10 years ago
I think the media absolutely influences how people are reacting to the market. Even if they are only adding to people's confusion about what to do, it has an effect. Here on Eastern Long Island, we were doing fine until about a month ago, when we could see a palpable down turn. Like Melissa said we just have to put our heads down and work harder
Posted by Bill Carroll, IN REAL ESTATE, REPRESENTATION IS EVERYTHING (The Corcoran Group Real Estate Co.) over 10 years ago
First, welcome.  Great post.  Like you said, "real estate is local" and every situation is unique.  The media is the media and as a friend says, "negative sells papers".  My husband and I had a similar discussion recently after he noticed that sometimes I approach the question of "how's the market?" a bit negative and didn't even realize it.  The bottom line is that it's about knowing the stats to be able to speak to reasoning for list prices and buying decisions and remind customers that every transaction is unique in and of itself.  And it's important to be able to give the correct information if someone does bring up questions from a media story Real Estate topic. 
Posted by Kathleen West, Flagler County & Palm Coast Realtor (Trademark Realty Group of Palm Coast) over 10 years ago

The media is a business too.  They need viewers and/or readers just as we need clients.  Housing in the headlines is no surprise-- it's always there as most people have an interest in it.  That's the big picture--I try to focus on the local aspect and provide statistics to give substance to my words. 

Welcome!

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 10 years ago

I get calls all the time about the state of the market since we are so tourist oriented with so much happening in our area at the moment.

I don't mind getting these calls as I love to explain the "going's on" in Panama City Real Estate.

I do mind the media focusing only on the negative aspects and ignoring the positives.

I make it my business to discount the medias opinions every chance I get with Market Summaries and community reports for my area.

But I guess dirt sells and cheap dirt sells better.

Posted by Jennifer Mackay, Your Bay County Florida Realtor 850.774.6582 (Counts Real Estate Group, Inc.) over 10 years ago

Tammy, first off, nice job on your first post!

 In response to your request, I welcome each and every oppotunity to talk about our market. I'm a mortgage guy in the Sacramento area, so we're getting hit very hard. I openly use our foreclosure stats (currently we're #6 in for national foreclosures) as a talking point. Then I usually let these folks know about some of positive elements related to our housing downturn, and there are many!!

Speak to your go-to lender, and ask about some of the programs lenders are bringing back. Ask about the newer FHA 95% refi, something that can possibly bale out borrowers from their subprime loan!

 All in all, use the media as a fulcrum! And remember that it wasn't too long ago it was this very same media letting everyone know how great real estate was!

Hopefully this helped, Jeff

Posted by Jeff Marr over 10 years ago
I have had a newly built house on the market for a year and a half.  It is in one of the most desirable locations in central VA.  I have came to a conculsion on why houses aren't selling, right or wrong this is my opinion.  First it is without a doubt 95% the media.  I have had offers on the house $75,000 below the asking price and the asking price is $30,000 below the apprasil.  People are getting mis-informed about buying houses, and the housing market.  I had one guy tell me he could buy any house in this location in the next six months for half of what they are priced at now.  People that have owned there houses for 20+ years and have a large amount of equity can afford to take such offers.  What people are getting confused about are houses that are new on the market or that are less than 10yrs old that do not have much equity and the fact is people can't take such a large loss.  I personally can't walk to the closing table with $50,000 of my own money just to get rid of the house.  I myself, and I think most people realize we will be better off financially to let the house go to foreclosure and either owe nothing to possibley $10,000 when the house is auctioned off rather than taking out a loan for $30 to $50,000 just to get the house sold.  I believe that is why such a large amount of houses are now in forclosure, people just can't afford to take such rediculous offers.  I even had a recent apprisal done showed the potential buyer and he said it doesn't matter the apprasials aren't worth the paper they are written on.  The media and so called info- mercials are truely misleading people saying you can get unblevable bargins in the housing if you just wait until people start getting more desperate.
Posted by Anonymous almost 10 years ago

Participate