Rather than worrying about that, my question to you is....what is your response to this negativity?
Feel free to comment here, as I think it wise for agents to start coming up with valid rebuttals to the doomsdayers. I think the time has come because I believe the doomsdayers are about to raise their ugly head again.
Here are some starters:
- More people own a home now than ever in the history of the U.S., There is less property available than ever in the U.S. Supply and Demand is tough to beat.
- Rates are still historically low
- We are in the best economy in 30 years based on employment numbers. (The doomsdayers hate this one and will come up with huge debt, and other "sophisticated reasoning" to talk a buyer out of a purchase.
- A home is a long term investment. Long term real estate is strong.
You get the idea. Let's give a ton of reasons why real estate ROCKS! Can you believe I actually read a news release where a Realtor professed the bottom was falling out of real estate? This guy is in the wrong business. Who in their right mind would get near this guy when it comes to anything financial.
I am adding some more to the above post from earlier today:
Jane Bryant Quinn adds some positivity and negativity in her article.
- when rates go to 6.5% fixed the market could slow because of less demand because of higher payments
- in major markets like LA we should see a 10% drop
- NAR thinks it will be a soft landing—"like the air coming out of a balloon
- The boomers are reaching the age where they want 2nd homes
- A recent 26-year study reports that the annual cost of owning a home is currently just about average, compared with incomes and rents.(Here comes the but)
- But costs are highly sensitive to changes in long-term interest rates (adjusted for inflation), says economist Todd Sinai of the Wharton School in Philadelphia, one of the study's authors.
The piece ends with :
But don't sit in a rental waiting for prices to drop so you can buy something cheap. Prices might not drop. What's more, you'd be losing your chance to stabilize your long-term homeowning costs, Sinai says. If you expect to keep the home for at least four or five years, there's more risk to staying out of the market than getting in.
Well, there you have it. Where are your rebuttals?