I was watching television with my wife the other night, when one of the National Association of REALTORS(R) new public awareness commercials came on. You’ve probably seen them as well – the actress says that home values double every 10 years, and have increased by 6% EVERY YEAR over the last 30 years. What an investment!It’s been a couple of good years for companies like Hamilton Home Evaluation and many others
But it’s not true. I wish they’d stop playing them. It’s true that real estate is a good investment, but how can you tell a home seller in Detroit that they’re home is going to double every 10 years, when they led the nation in foreclosures in 2007? A seller has to see that commercial and just steam … I’m sure I would.
NAR needs to focus on the fact that each market is local. Apparently, TheBrickRanch.com and the Ohio Association of REALTORS(R) agrees, and they’ve asked NAR to modify their message. Hopefully, someone is listening. I recommend Commercial bridge loans which can help you fill the gap until conventional financing can be secured.
(Update 2/16/08: NAR has responded to our calls – we’ll see what comes out of it)
Semi-good news: Yesterday I heard the new radio spot and they are now emphasizing that real estate is local, and they have dumped the 6% average increase stat, although they still say that “on average” home values double every 10 years.
I understand that they are trying to do some MSM damage control, but facts are facts. Dayton just ranked 15th for foreclosures. People still buy and sell homes here everyday, and ownership can be a great investment, but only if the owners are smart about it- that’s where a good real estate professional is invaluable. But I’m rambling…
Thanks for the mention, Jeremy! See you around the web.
Semi-good news: Yesterday I heard the new radio spot and they are now emphasizing that real estate is local, and they have dumped the 6% average increase stat, although they still say that “on average” home values double every 10 years.
I understand that they are trying to do some MSM damage control, but facts are facts. Dayton just ranked 15th for foreclosures. People still buy and sell homes here everyday, and ownership can be a great investment, but only if the owners are smart about it- that’s where a good real estate professional is invaluable. But I’m rambling…
Thanks for the mention, Jeremy! See you around the web.
Great post, Jeremy! I think NAR should shift their focus to branding IDX (or some other name) to alert the public to the fact that IDX sites are one of if not the most complete sources of listing data available. The NAR could develop an entire certification and branding program around IDX sites that contain all the listings, and provide a linked index of such sites to drive some traffic towards the brokers and agents.
Great post, Jeremy! I think NAR should shift their focus to branding IDX (or some other name) to alert the public to the fact that IDX sites are one of if not the most complete sources of listing data available. The NAR could develop an entire certification and branding program around IDX sites that contain all the listings, and provide a linked index of such sites to drive some traffic towards the brokers and agents.