It seems that everywhere I turn, news about the real estate market are inconsistent and sometimes terribly inaccurate: Some news report a rise on sales, some others report a downfall…on the same month! What are this people trying to do?!
The fact of the matter is that people look at news reports for information and most of the time important life decisions are based on the information they get: “The market will keep going down”, “There is a wave of foreclosures coming”, “The storm is not over yet”, are examples of the things we hear everyday.
I have been doing real estate for over 10 years and I can tell you the “falling period” is over. We have gone thru the worst real estate market correction in our history, but now we can finally see the end of the tunnel. We are currently selling MORE houses than we did back in 2006. There ARE people buying homes…lots of them. In Broward County, our inventory has declined from about 41 THOUSAND houses to a mere 14 thousand and our sales have kept at the same level. So…what is all the fuss about? Yes, houses are not worth what y were back in 2005-2006, but honestly…were they really worth that much?! A correction was imminent and now it has come and gone.
Numbers do not lie…we are finally getting back to a healthy market…so why is it that the media and specially lenders choose to believe we are still in decline? Why is it that when an appraiser qualifies a specific market as “stable”, lenders jump on them as if they knew more than a certified appraiser? Why is it that lender give the underwriter (one person only) the power to decide if an appraisal report is done correctly or not? Are those underwriter actual appraisers?
We can’t control what lenders believe and what the media reports, what we CAN control is the source of the information we get. So, do yourself a favor. If you are thinking of selling or buying, talk to a realtor! There is no better way to know how the real estate market in your area is doing than getting accurate and palpable information from a real estate professional.