MYTH!
First time home buyers can get information about the real estate market on-line but it’s not the BEST information.Buying your first home is the most important decision you will make and relying on the major news outlets is trusting that decision to sound byte reporting.
They only have a few seconds to grab your attention to entice you to read/watch further. To cram as much information in as short a time as possible they will generalize and make conclusions based on one set of data, without talking about the other pieces of the puzzle.
The fact is that traditional media is disconnected from the realities of housing.
Regardless, talking heads are saying in one day that permits are up so housing must be stabilizing yet on another day saying that builder confidence is down and we’re in for a bumpy ride. The truth is that the pendulum is still swinging and there are signs of national housing stabilizing but we’re still experiencing the bounce so we can’t say for sure one way or another (although we can say housing is currently a mess). (AgentGenius)
or how about Foreclosures? from the same AgentGenius article
Various news anchors continue to point to foreclosure data as a sign of a recovering housing market and continue to fail to see all of the moving pieces...The number of homes actually repossessed in May fell 4% from April and 29% year-over-year...
These numbers look good, but don’t take into account why this process has slowed down.
We’ll give you a hint- it isn’t because employment is any better or because consumer confidence is up. No, it’s because the big banks have kinked the hose of the flow of foreclosures in light of the robosigning debacle (where banks didn’t manually review documents before foreclosure leading to illegal foreclosures on wrong addresses, homes paid in full and various other mistakes) as many states attorneys general and federal agencies are investigating the banks’ processes, putting a hamper on how quickly papers are/were being processed.
Where can you get the best information?
Local industry professionals (Realtors & Lenders) will have the best information.
Here’s a first time home buyer tip that will help you find the right professional.
Just ask “How’s the market?”
If they start talking about “their market” i.e. “I’m sooo busy” or “it’s a great time
to buy” keep looking, they aren’t going to give you the important information you need.
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