Punk'd By the Real Estate Media
Posted Mar 16, 2008 @ 2:08 pm, Viewed by 639 Visitors, Read 655 Times.Media Predicts 25% Decrease in Arlington Virginia Home Values?
Once in awhile I get so frustrated about the lack of either forthrightness, common sense or expertise demonstrated by various real estate media sources both locally and nationally. A classic example recently came out in this article in BusinessWeek titled Housing Meltdown.
It stated that housing prices would come down 25% with some of their sources claiming up to 40%. Nowhere in the article is any strong point for how hyperlocal real estate is including Arlington real estate for sale. Such stories are in essence fear mongering & hype when no disclaimers or explanations are given for how the story has almost nothing to do with any particular reader's local real estate market. That's my grind with the real estate media hypesters--a totally irresponsible portrayal of data without clarifying how "unlocal" their info and forecasts are to any particular reader.
For the details of this story go to Arlington Virginia real estate and You Got Punk'd by the Real Estate Media
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Yeah the media loves to talk on national levels, but use stats from the worst markets. Doom and Gloom sells and that is all the media has these days.
Wow - 40%! Where's that happening? On one hand, I still see prices from the boom times and wish sellers would read this stuff. But it always seems only the buyers are reading these stories and are coming in with low offers based on what they're reading.
Punk'd indeed! What a great Business Week cover story of fear-mongering. There is some truth to the saying 'perception is reality' (or at least can become reality) and the media controls perception. Providing a complete picture (e.g., real estate is largely local) or putting the negative news in context (e.g., buyers have good purchasing power with still low interest rates) would be the responsible approach. But this wouldn't quite fit the media template, especially in an election year!
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Hmm, Isn't the media always right? Relying on the media for accurate information is a personal favorite pastime of mine. :rolleyes: