There are not many people out there who are still claiming the market is doing well. In fact, many of those people have gone out of business. Like many Realtors for months I dutifully trotted out statistics and articles proclaiming everything is fine and it's just the media or the bubbleheads that are causing people to panic needlessly. But whatever you believe the reason for the slowdown is, there is no denying it is here. Yes, even in Seattle.
The NAR (National Association of Realtors) seems to still be trumpeting that everything is okay and acting as if they were living on Pluto. We Realtors need to be honest and admit the market is not what it once was. All this propaganda spewing by the NAR about how everything is fine is just causing the public to loose confidence in us and ruin our credibility. Let's face it, to most people real estate salespeople don't rank that high on the ethics pole. There are too many dishonest , greedy salespeople who put their self-interest over their clients. I'm convinced this is why dual-agency still exists.
Lawrence Yun, the chief economist for the NAR says “the foreclosure crisis has been over-hyped” and that “foreclosures are very high from a historical point of view, but it's not as if people are falling apart right and left.” Does anyone really believe him? Has he been living under a rock? When the emperor has no clothes someone should point it out. Yun's being mocked on just about every media source out there. There's even a blog dedicated to following Yun's comments of denial called the “Lawrence Yun Watch“.
That doesn't mean there isn't reason for optimism about the future. History shows us that economies are cyclical. And after this downturn is over there will be an upside again. Maybe soon, maybe not. No one has a crystal ball. Some people realize that now is a great time to buy, if you can get financing. Prices are low and inventory is high. There are some real bargains and almost every serious seller will or should negotiate with you. And with the new $7,500 federal tax credit for first-time buyers, there is a window of opportunity that may not be here long. But it's a tough market right now for sellers. And admitting the market is down is just stating the obvious. And to deny it makes us look like idiots.
Our clients deserve and should expect the truth from us. After all we are their “agent”. According to the dictionary that means “someone who acts on behalf of another person.” Seems like the NAR and many Realtors have forgotten the “shall not mislead” portions of the Realtor Code of Ethics.