As a fellow Realtor I am disappointed that you post such negative news

by Jay Thompson on October 24, 2007 · Comments

in Market Conditions

"Anonymous" left this comment on yesterday's post about Phoenix new home building permits hitting a 14 year low:

As a fellow Realtor I am disappointed that you post such negative news. Your (sic) not helping any of us.

Hmmm. First, the local newspaper wrote the story, I just regurgitated it. I did add some rather sobering listings and sales stats for the Phoenix real estate market, including the dismal 17.6 month supply of home inventory. I suspect that may be what "Anonymous" has a problem with. Of course with no name and an email address of email@email.com, I'm not in much of a position to clarify what has Anonymous so dismayed.

What am I supposed to do? Sugar coat the facts? Lie? Bury my head in the sand and ignore reality?

The real estate market in Phoenix is what it is. Is the news "negative"? Sure is if you are attempting to sell a home quickly. Sure is if you bought at the price peak of 2005 and need to get out now. The inescapable fact is, if you list your home in the Phoenix area you are competing with a LOT of other homes out there. If you want your home to sell in a reasonable amount of time it needs to be in pristine condition and aggressively priced. Period, there are no exceptions.

Why shouldn't I tell it like it is? Does Anonymous want me to parrot the National Association of Realtors ludicrous, "Now is a great time to buy!" campaign? Maybe it is a great time to buy. If you are looking for a home to live in for several years, have reasonable credit and real money to put down, there are some *amazing* deals to be had right now. There are 57,000+ homes to choose from, and as a buyer you are in the "driver's seat" when it comes to negotiating the deal.

If you want to purchase, rehab and flip a home, it is a horrific time to buy. If you are moving to the area for a short-term job, school or some such similar reason, it is not a good time to buy. If your credit is poor to marginal, your assets non-existent, and/or your employment history unstable, now is not the best time to be looking to finance a home.

Now (or then, or later) is never a "great time to buy" (or sell) for anyone and everyone. Period, there are no exceptions.

So to "Anonymous", if you feel I'm doing the Realtor community a disservice by posting the facts of our local market — too bad. Get over it or move along. You say I am "not helping any of us" (with "us" implying Realtors). To be blunt, I'm not here to help you, to put real estate agents on a pedestal, or to try to improve the public perception of either agents or the market. To ignore, hide or distort the facts so as to make everything appear all bright and sunshiny would be doing a disservice to those out there that want, need or care about the truth.

 

[tags]Phoenix real estate market conditions, whiney realtors[/tags]


 

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  • Jay,

    Well said! I can't stand when Realtors, Brokers, and other heads of the association feel the need to sugar coat the facts, or fail to disclose them "at all". The fact is, Realtors like you and I will do fine in a market like this one, because the clients we deal with will apreciate the fact that we aren't blowing smoke up their rear end about the realities of buying or selling a home now. So in turn we get their business because they feel more comfortable with us, instead of feeling like we are just out to make a quick buck.

    I was recently quoted in the Los Angeles Times, in a story regarding For Sale By Owners, and my own Broker wanted me to candy coat the truth of the market - making sure I didn't say anything "too negative". Needless to say, I didn't provide quotes that would make me look like a Realtor who has his head in the sand and knows absolutely nothing about the curent market conditions.

    Buyers aren't stupid, they can pick up on the Realtor BS.

    Till next time...

    - Robert Mickalson
  • Great post - I love the fact that you are a straight shooter. If I'm ever in the market to buy a home in Phoenix, I'll be sure to let you know.
  • As a fellow REALTOR® I am disappointed that some agents are still willing to sacrifice the credibility of an entire profession to bulls#*t the public. I get the same kind of crap where I work and I just brush it off. If the consumer can’t count on you for the truth, they can’t count on you for anything.

    NAR’s reputation is in the tank, partly as a result of their foolish spinning. Did you catch Glenn Beck on CNN hanging some NAR fool for his ridiculous comments? I was embarrassed and I don’t even work in the US. I see no reason why you should take your career in the same direction. :)

    Jay, it’s people like you that give me some good reasons to feel proud to be an agent. I know you’ll keep speaking the truth and I’m thankful for it.
  • Fabulous post. In Seattle we were lucky for a long time that the news is mostly good, and now that things are changing I think we owe and absolute duty to our clients and the public to tell them the unvarnished truth.
  • Haha- great post Jay. Too bad anonymous isn't willing to put his name to it. I'm afraid his clients would appreciate his opinions.
  • Good call on your part. The best thing to do is present the facts and let your readers draw their own conclusions.
  • Dave
    Some people just want to shoot the messeger, Jay.
  • What's funny is it's anonymous post. Secondly, a blog post is a viewpoint of the authors...this is what you are experiencing in your market as a realtor. You are right..why sugar coat the truth! You will come out in the end as a realtor on top than that "anonymous" realtor because you are speaking the truth and your views...your clients will appreciate that!
  • Max
    Of course with no name and an email address of email@email.com, I'm not in much of a position to clarify what has Anonymous so dismayed.


    Jay, just run his/her IP address against all the comments you've got in your database - I'm sure his/her name will come up ;)

    P.S. on the other hand there are a lot of agents frustrated right now because their clients do not have the confidence to buy... and media, in many cases makes things even worst than they are. I don't wont to be the devil's advocate - I'm not even a realtor...
  • Great response! Way to go.
  • Jay,

    Great post and very true. Although I try and keep things positive as much as possible I do appreciate the truth. I believe the media has a small part in "keeping people on the fence" but there are definitely other factors at play. I also believe that for many people, it is a great time to buy - if not the best in the last several years. I would much rather buy when the prices are low and the selection is great than when the prices are high and the selection is non-existent. For those with bad credit and/or are looking to quickly flip a home it might be best to wait for another day but for home buyers with decent credit looking to purchase a family home - it truly is a great time to buy.

    I personally think that less permits is good news, (not for many unfortunate construction workers) I'd be terrified if permits were at a 14 year high!!
  • Great response. It's the same the world over - we get the same 'spin' here in New Zealand from some quarters. I'd rather tell, and hear, the facts and then make my decisions and I know the same goes for my clients.
  • Wow, Jay, I can always count on you to shoot it straight. I love what Gary Keller says when agents ask him about the market. His reply is that "it just doesn't matter; it's the only one we've got!" So what it comes down to is just like you said. What are the circumstances that an individual seller or buyer find themselves in? If it makes sense in the total picture, then it is a great time for whatever one is trying to accomplish. I recently had a client that had been trying to sell for 6 mos to no avail. Long story short, we got the listing, priced it right, told the client the unfortune truth. And they came to the signing table with over $30K, were happier than a pig in slop and thrilled that someone told them the truth.
  • Jay,

    It's refreshing to hear a fellow realtor move away from the NAR (and realtors who neglected to stash something away for the lean times) mantra of "now is a great time to buy." In certain markets it "may" be a "good" time to buy but most of my realtor buddies think the "great" time to buy is future in our market and likely for your market and many others as well.

    Imagine a world where realtors actually counsel a buyer to wait to buy. That's just not natural but sometimes it's appropriate! Of course this is a foreign concept for the realtor who is commission focused as opposed to customer/client focused.

    Now more than ever we as professional real estate brokers must trash the pap, speak the truth and give wise counsel and advice. It's high time we come to the realization that it's not about us or our commission goals but it's about serving the public with honesty and integrity and their best interests at heart. They're trusting us to do the right thing!
  • As a REALTOR I do try and keep it positive but I'm a firm believer in keeping it real. Real estate is very local and my area has picked up but not by much. You keep telling it the way you see it Jay!
  • Great post! I too think it is he who is doing the Realtor community a disservice by ignoring or misstating the obvious facts. Also, I think it goes without saying that NAR is completely out of touch with reality, it members, and the general public. Its constant rosy claims only solidify its poor image and serve to discount any thing they have to say.
  • Crass remarks are inevitable! Let us just deal with it. But great response! Cool!
  • Sorry to bump an old post, but I think honesty is the only way to go, especially with consumer confidence at such a low point. As a consumer, I appreciate someone being honest with me.
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