I was reading an article about blogging this morning, from a broker in Canada. He made an observation that caught my attention, that up until the early nineties, real estate agents controlled the information and doled it out as they wanted. Now there is so much information out there, we should be prepared to help people understand it.
I know that when I'm researching something -- buying a new printer or looking for software that will help simplify a task, for example -- I look for reviews and comments by other people. I read the manufacturer's information. I pour over statistics and prices. And for many items, I finally just go ask the salesperson at Best Buy and ask what he thinks. I get so bogged down in the minutiae that I can't make any kind of decision.
Real estate is both complicated and simple. It's not rocket science, for sure, but it can also be very complex. Evaluating the market, especially in these difficult times mortgage-wise, is no easy task. That's why, in any news site, you can find an opinion that goes one way and another opinion that goes in the exact opposite direction.
Much of that is simply because real estate is local. The market here in Cheverly is different than the market in Chevy Chase, which is different than the market in Northern Virginia, which is different than the market in D.C. and so on. Different factors, such as price, inventory, and the relative desireability of the neighborhood can make the market on one street different than the market on another. House styles, both inside and out, go in and out of fashion just like any other commodity.
I got an offer recently from an agent who does most of his business in D.C., though in this case, the property was in Maryland. The offer was ridiculously low and when I asked him about it, he said that in D.C., he always recommends that his buyers offer 10% lower than the asking price. Needless to say, his was not the accepted offer! If he had known the differences in the marketplaces, he would never have made that recommendation to his buyers. His advice possibly cost them the house they wanted. His buyers needed someone who could give them a better understanding of all the news that says we are in a buyer's market.
I think it's great that all that information is available. However, I read so many articles that take a local or personal experience and extrapolate that experience into a national trend.
It just ain't so.
(C) Susan Pruden. |
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