DUTCHESS COUNTY REAL ESTATE

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Is The Media Scaring Buyers?

Virgin blogger here. My first session and probably the first of many blogs to come. I am an Associate Broker and ABR in Dutchess County, NY (Hudson Valley Region - midway between NY City and Albany). These are indeed adventurous times. Right now, our region is a little healthier than in other parts of the country but one of the greatest challenges we have as agents here is reassuring buyers that it really is a good time to buy. We do not have a local news station so our community relies on news from national broadcasts and news sources of nearby major city affiliates. The media does not paint a pretty picture, nor do they emphasize enough that certain markets are worse off than others - all the hype is scaring off ready willing and able home buyers. While consumer confidence is at an all time low and the real estate market is sluggish nationwide, our local economy is pretty healthy. Home prices here actually started adjusting 3-4 years ago - before the sub-prime lending crisis. Our local MLS statistics actually show prices have started to stabilize recently and may even be increasing slightly. I have started to share this information with buyers to help give them reassurance that right now is a great time to buy. Afterall, timing is everything!

7 comments • Carol Culkin • November 15 2007 12:23AM

Comments

Carol,

I have written about us and the media several blogs and the comments left me with a sour taste. Look, if we are logical, then it is better to buy in the worst market, because what we call bad is low prices. SO, if to buy in the slow market, you would do better in the worst of the worst, or in the worst time for the market in certain area. And this is the reason that a lot of people are sitting and waiting, as they hope that the market will go even more down, and they will be able to pick properties for less money.

I was talking to a broker in Canada, and I told him that the Canadian dollar is high against American, and the market here is beautifully slow for Canadian buyers, and he proudly replied that their market is still good. e did not see the funny side, that they would be much better off buying in Florida now than in Toronto, as they could utilize both the benefit of very low prices here, and have another 30% benefit because of the Canadian dollar strength.

Posted by Jon Zolsky, Daytona Beach, FL. FunCoast Realty, 386-405-4408 over 2 years ago
I have seen the same thing that Jon is talking about, people thinking they should wait until the market is at the bottom.  Well, we won't know that until it starts to stabilize and go back up!  I agree that the national news does a bad job of portraying local real estate, but local real estate would be a lot to cover, nationwide.  That is why it is so important to have a local realtor with stats at hand.  If only the national media would report that instead of insisting that you can easily and successfully be a FSBO!
Posted by Susan Walters (Keller Williams Realty, Ann Arbor, MI) over 2 years ago
I think that the media plays a major role in convincing people to buy, sell or stay on the side line.  A similar situation with the media was the California wildfires, whereas the media was flaunting the danger of the winds (Santa Ana's) the prior day or two before the fires were set.  Terms like "high fire danger" and "red flag warning."  There are other ways to distribute the warnings to those who show know about them.  Back to their effects on real estate, their should be a rule where the economy is concerned, "if you have nothing positive to say, keep you mouth shut."  Great blog.
Posted by Gregg Wynn, Broker/Appraiser, CA DRE# 1186381 (Absolute Real Estate & Appraisals - SoCal) over 2 years ago
Welcome to AR! I am also a virgin blogger. I don't bother with the media anymore. This month, the office has about as many listings as sales & getting better each day. The media is so dramatic.
Posted by Brenda Sprankel, Calabasas - Simi Valley Realtor (Rodeo Realty, Calabasas Branch) over 2 years ago

Hi Carol,

Welcome to Active Rain! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Posted by Keith Elliott Jr -"Prince William County Real Estate Expert" (RE/MAX Olympic Realty) over 2 years ago
Carol, welcome to activerain and congratulations on your first post.
Posted by David Matney, CRS ~ Omaha NE Real Estate ~ (402) 490-6771 (Alliance Real Estate) over 2 years ago
Carol, welcome to active rain, great post. 
Posted by Brian Hoots Bourbonnais IL Real Estate (Speckman Realty, Inc. GMAC ) over 2 years ago

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