National media MAY actually be keeping up

by Jay Myers on January 27, 2009

Media Coverage of Real Estate is not always current It amazing to a lot of us in the real industry but the national media may actually be on the same page as the rest of us. This story recently ran on NBC’s Today Show, The 5 Biggest Real Estate Myth’s. It addressed many of the misconceptions buyers and sellers may have on their mind with the current market conditions.

Sellers are desperate
Don’t buy before prices have bottomed
You can’t buy a home unless you have 20% down
Now’s the absolute worst time to sell
Before you refinance, shop around.

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I have not been one to blame the media for the real estate market conditions for the last 6-8 months, that ship has sailed! Let’s face it we have plenty of these “geniuses” running Wachovia, and Citigroup, and WAMU to blame recently. The media did more than their share early 2008 when things could have bounced back. I believe the national media is usually about 6 months behind what is really happening.

This was a very direct and to-the-point interview, and I agree with almost all of it. I personally am seeing things really pick up in biggest bang-for-your-buck markets like Corinth. Just this weekend I was going out to look at houses with a great young couple that are also first-time homebuyers, we wanted to look at 7 homes under $140K, but were only able to see 3, and one of those actually was under Active-Option. All the others had just in the past 2 days had multiple offers.

The good news: More homes will come on the market and we may have hit the bottom.

The bad news: We may have hit the bottom, and prices may start to rise.