‘Well, OK,’ Mary, But Here’s My Take
By Stacey Moncrieff
On the one hand, I was glad to see that Mary Umberger—the Chicago Tribune real estate columnist whose work I admire—was paying attention to our blog. In her June 22 column. Umberger cited our senior editor Wendy Cole’s observation in "Life's Hard Even at the Top" that even in a “hot” market like Charlotte, N.C., external scrutiny can create pressures and unrealistic expectations.
On the other hand, I was disappointed by Umberger’s flip “well, OK” at the end of the column. To her, I suppose, it seems that real estate practitioners want it both ways: They want the media to stop reporting so much bad news about real estate, while at the same time, they want to downplay “best market” hype. But I can understand it. It’s the same reason I’ve heard Detroit practitioners express frustration over being labeled the “worst market.” The truth is that homes are still selling in Detroit and not every home in Charlotte is jumping off the MLS rolls. Our seemingly insatiable desire for “best” and “worst” lists (and I read them, too) doesn’t really offer us much in the way of meaning. When attention is focused on any market — be it a local real estate market, a stock sector, or some other investment — that attention has the potential to oversimplify reality and even cause a psychological shift, either creating new demands or causing people to wonder “how long will it last?”
What do you think? Is reporting about your market creating unrealistic expectations among your buyers or sellers? If so, how do you set the record straight?
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Comments
I think our job as REALTORS is educate our clients that real estate is much more complex than the simplyfied "best" and "worst" lists. But, I like the lists and do share them with clients when appropriate.
Posted by: Pat Howell, CRS, e-Pro, GRI | June 25, 2008 02:34 PM
I believe it is the duty of REALTORS to know the current market conditions in which they practice real estate to provide their client (sellers/buyers) with best information to make the best decisions for themselves. REALTORS, who are comfortable doing so, will achieve higher degrees of success, improved job satisfaction and be less stressed. It will improve every facet of their business from prospecting, CMA/listing presentation, negotiating to transaction conversion. As sales professionals, it is the REALTORS responsibility to provide this level of service to their clientele.
Posted by: Derek Deveau | July 2, 2008 03:04 PM
Having been in the real estate field in the Albuquerque, NM area for all the ups and downs over the last 12 years, the comments made in the media very rarely pertain directly to our market. It seems that all it is doing these days is scaring both the buyers and sellers away from doing business. Letting the public know that things are not as the media is making them seem to be is one of the biggest tasks each of us must face.
Posted by: Shelly Broome | July 2, 2008 03:45 PM
We are in a housing trend that is supported by the past ills of a market of more. When we had a housing boom some of the professionals tried to pump up the market. The end result is what we have today. Some areas of the country were policed better than others and have not experienced the down turn in sales. This is a good time for cleansing the market, getting over priced homes back to the level they should be and removing unneeded results.
Posted by: Mark White | July 19, 2008 12:23 PM