Fact or Fiction: The owner of a local real estate company gets an interview with the local paper's real estate reporter to address the current reporting of market conditions. "Over 2/3 of all our sales since mid-February are receiving multiple offers and selling for over the asking price," the owner tells the reporter.
"You are lying. We don't believe you.
Property values are flattening out, if not dropping. The market has changed. It's a buyer's market," says the reporter.
Did this happen or not? Is the sky falling, Chicken Little?
Apparently, Chicken Little watches too much CNN.
News reporter's bias shines through all kinds of news whether war reports or market forecasts. The buyers on the fence think it is a buyers market and if they only wait a little longer, the bottom will fall out and they'll get the deal of a lifetime.
My friend with a condo in Eureka Valley whose asking price was less than $900,000 but received 8 offers and sold for over a $1 million knows what we have been trying to tell our clients, the media, our parents back in Texas.... There are more buyers than sellers right now.
This is not the twisted scheme of home sellers or real estate agents. It is a universal capitalist law of economics: the law of supply and demand. Please, reporter, take out your Econ 101 text book, read up, and then call an expert for your "insider" scoop.
As the saying goes, What happens in Vegas, stays in Vegas just as what happens in our micro real estate market, stays in our micro market.
