Your House Isn’t Selling? Blame the Hartford Courant-Part 2

I didn’t think I would have more to say on the issue of the Hartford Courant’s reporting of the housing market but I was wrong.

I’d like to add a few points:

• The Hartford Courant and other media are largely ignored by Realtors.  Most won’t write a letter to the editor or won’t call to complain, they’ll just mutter amongst themselves how uninformed the reporting is. I don’t even think most read the paper, at least not for their reporting on the market. I do read the paper but it just makes me mad – ask my husband.  And I won’t write a letter to the editor because I think it’s a waste of time.  If their reporters are not going to check basic facts with the local board on a question of how many transactions in 2007 had seller concessions when they’re making a claim that seller concessions are inflating prices by 1-3%, they’re not worth a call.  
• If the market is bad, I don’t have a problem telling you so.  But, it’s not, at least not yet.  I don’t think the outlook is good for home sellers who bought in the last 1-2 years and need to sell now but I am of the belief that prices were too high.  An adjustment had to occur in order for people to afford housing. Period. Some homeowners don’t want to hear this because they thought housing values would keep climbing year after year.  It’s not a sustainable trend.  However, prices will again increase in the future – I just can’t say when.
• Reporting related to the “national” real estate market should be a red flag for readers.  There may be some trends that effect everyone including credit and mortgages but even then, national trends can be mitigated locally by other factors.  If you want to hear about local trends, talk to a Realtor® or read my blog.  Don’t read the Hartford Courant.