* 83% of homebuyers in a recent University of Michigan survey believed it was a bad time to buy a home right now….. the lowest in 60 years! Has social media made our world more quickly, more unanimously inadequately informed? It appears so. The volume of bad and misleading information about markets is at a fever’s pitch, the likes I’ve never witnessed in 25 years. Maybe these buyers prefer over-bidding and less choice? 🤔 (WSJ)
I stole the above paragraph from Leonard Steinberg’s Compass blog.
Leonard got his info, ironically, from this WSJ Article: Homing in on a Housing Recovery – Some Reasons for Optimism.
The article focuses on the falling rates, a strong job market, and strong consumer finances as reasons for optimism.
But – I think they are missing the biggest factor – the fact that inventories are remaining surprisingly tight for a variety of reasons (like “mortgage rate lockdowns“) that I have addressed in other blogs.
What To Do?
The only thing we can do is to constantly educate buyers to offset misinformation and fear-mongering on social media.
I addressed this in great detail in this blog I wrote about a month ago: The Biggest Problem In Real Estate – Fear, Uncertainty and Doubt (Among Buyers).
In that blog (which I recommend re-reading), I reminded readers that our entire team is ready and able to dispel all of the misinformation currently being shared by both social and traditional media outlets.
It’s the least we can do. 😊
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