Friday, July 31, 2009

Matt Harber here with Keller Williams and Its been a while since I last posted, so I thought I would return and make a few comments. First, I want to point out that if you go to my website,, I just added a new feature that will provide you with free market analysis. It is called, fittingly enough "market snapshot" and is provided by me, to you, for free. Check it out. You can find out information about your neighborhood, or a neighborhood you are interested in even. I'd love to hear any feedback about it.

It has come to my attention numerous times today by different people about the expose' run by the Today show on NBC. Basically, that if you want to buy a house, wait 3-6 months as there is going to be a surplus of homes that come on the market and housing prices are really going to get hammered. Let me say, that I agree, there probably is going to be a surplus of houses coming on the market as banks have been forced to not foreclose on a large amount of homes and now the time has come to do just that. I understand the news needing to report the news...but I have a serious problem with what to me looks more like sensationalism than anything else.

First off, we all know that the media is a major influencing factor in the reaction of the consumer. It seems like we just started turning the corner in the market (as far as sales go) and even in the economy. The stock market has started to recover and it seems, to me, that people are out and about a lot more right now, spending money. News like this causes widespread panic in the consumer.

Second, the majority of these foreclosures are going to occur in certain areas of the country, not the whole. Places like California, Florida, Nevada and Arizona have always been the most serious offenders, contributing to 1/3 of the nations foreclosures between the 4 of them alone. But when panic occurs in a consumer, because of the media sensationalizing things like the Today show did, housing prices everywhere are going to suffer. The direct effect of this is a continuation of the downward trend. By presenting it as a National problem, they perpetuate the problem into more of a reality than it ever might have become. Washington State is a prime example. We have been fortunate enough to have not been as hard hit by the foreclosure and catastrophic value loss as California or Arizona. Our sales have been up, and in some areas, values have actually gained stable footing. What does news like this do to the consumer? It scares them away! there a third? I don't know, but all I can say as a person concerned with the economy, my own home values, and the real estate market, is that the only way we are going to come out of this, is if people stop listening to the dooms day, negative, down in the mouth drivel that comes from the media right now. There are incredible deals right now, and while the grass is always greener on the other side, if you wait too long, you'll be on the outside looking in.

All for now.

If there is anything Matt Harber, or the Prodigy Team can help you with, whether its buying, selling or investing, call, email or visit and we can help.