“When do you think the market will turn around?”

This is a question I consistently hear from my clients.

In answering this question I think it’s very important that we do not pretend to know the future. I believe that the current slump is temporary and given the lower prices, favorable interest rates, and pent up demand it is a great time to buy.

But obviously I cannot predict the future — even if doing so will help reassure a buyer and close a deal. I am not a lawyer, building inspector, appraiser, and certainly not a clairvoyant.

It is sufficiently emphasized in real estate training and publications that giving professional advice outside the scope of our expertise is unwise. Is making predictions about the future of the real estate market outside our expertise? After all, our job is to know the market inside and out.

The key is to provide the client with a well-informed opinion, while expressing that it is an opinion, and also providing relevant information as support.

The National Association of REALTORS®, local real estate associations, and the media provide reliable statistics and predictions about the market that we can pass on to our clients.

For example, I can say definitively that current interest rates are very attractive compared to historical rates. I can provide hard data that points to a favorable market, and explain the data clearly and concisely to my clients. Also, it is extremely important to be honest and encourage clients to view real estate as a long-term investment.

In other words, I make sure my clients have an informed opinion about the market, without telling them what will happen in the future.

Howard McAuliffe is a licensed agent for Premier Realty Exclusive in St. Louis and is pursuing a master’s degree in Urban Planning and Real Estate Development at St. Louis University.