November 14, 2008

Fact and Perspective - Both Are Needed

Having returned this week from the National Association of Realtors® Convention full of enthusiasm and excited to get back to work, I ran into a friend of mine who asked me how the real estate market was faring across the nation. Having heard all the doom and gloom that we view and listen to on the national media, he seemed to have all the facts but lacked the real perspective that related to those facts.

I think he was expecting me to say that we (Realtors®) were all ready to throw in the towel. We understand that these are difficult times and that the market has changed from two years ago. However, there was a general optimism that flowed through the presentations and from the agents and brokers in attendance.

My friend would have never guessed such a response from the newcasts he has been listening to. The media can often present the facts but can miss on the overall perspective. Without perspective, facts have little or no meaning and are rendered useless. Bernice Ross (www.RealEstateCoach.com) reviews some interesting facts that also have perspective. I wish I could remember them all but here are few:

In the US, about 35% of the homes have no mortgage… they are paid for
1 out of 464 homes with mortgages in the US have a foreclosure issue (Realty Track)… even though no one likes foreclosures, 99% or more of homes have no foreclosure notices at all. We also understand that some areas have larger problems than others.
In some previously depressed areas of the country, the number of new homes and resale homes on the market is declining… a good sign that the market is starting to correct
2007, who everyone thought was such a bad year was actually the fifth best in history!

With the government focused on fixing housing first you can be sure that over time we will see brighter days. If you want to hear good real estate news, please add this website to your favorites list, www.HappyRENews.com. You can look up your state and city and see what good things are happening that never get reported in the daily news. Facts are important, but only in the context of perspective.

Posted By: Steve Randall