The title of this post should really go without saying, but being in the business, I have the opportunity to directly see consumers reacting to the “downfall” of the real estate market as it is portrayed by most of our nation’s media. As the media reports this terrible market information to the consumers, they often leave out some very important facts that consumers really should be aware of to make educated decisions.
Many consumers only hear about “the market” as a whole and never even take into consideration that when it comes down to buying or selling, the only “market” that matters is the one in which you are either looking to buy or sell your home. I recently read an article published in Crain’s Business Magazine saying that “existing home sales in Chicago are down this year 27% in September as compared to last year”. This statement is very broad and sends a sense of fear and shock into consumers that is in essence a false fear. This just makes our job in the Real Estate Industry that much harder. We now have to put much more extra time and effort into re-educating most of our clients.
There are many agents my office that are having the best years of their career. Now how could that be if the market is really as bad as everyone says it is? I’ll admit that there is a lot of inventory out there in Chicago and the surrounding suburbs, but properties are moving. Buyers need to realize that sellers are still not willing to just give their properties away, and sellers need to realize that the market is what it is, and if their home is priced right, it will sell.
I guess what I’m really getting at is that you can’t always believe everything you read in the paper or see on TV. The best thing to do, is if you are ready to buy and/or sell is to get your hands a little dirty and talk to a professional who is currently working in the field and get their take on “the market”. This will greatly add to your power as a consumer by arming yourself with more accurate knowledge about the real estate market and the direction it is going. If you don’t know a licensed professional that would be able to provide you with their valuable service in this market, now is the time to find someone so you can make informed and confident decisions. Take the power away from the media and put it back into the hands of the consumers.
Mike Tiburtini
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