Whenever a real estate agent, builder or developer references the state of the housing market in media coverage and says anything other than the market is overbuilt, oversupplied, overvalued or on the brink of collapse, a common comment is that this person shouldn’t be trusted; that you shouldn’t take advice from someone who makes money in the real estate business.
By this logic, you shouldn’t take tips from a dentist. Why do they tell you to floss, when they would make more money if you didn’t? Why listen to any financial advisor about investing, if they get paid more commission when you invest more? Realtors are biased, too, always telling you to buy or that the market is performing well.
Go to the experts
I choose to believe that people’s judgments are not solely based on their own financial gain. I, too, have been accused of being biased, my opinions on the market fluffed off as an attempt to persuade buyers to buy into an uncertain condo marketplace. My commentary is my opinion, and I don’t want people to have the satisfaction of waiving my incorrect predictions in my face.
If you want to know what’s happening in the housing market, go to the experts, the people who study the market every day, who pore over the real estate board data daily when looking for homes for their clients. Go to people who are communicating with buyers, mortgage brokers, construction lenders, other sales agents, developers and insurers.
The thing people really need to understand is that there are opportunities to buy when the market is booming, as well as when it’s flat. In both instances, a good realtor can help you find the perfect place to live or help identify an under-valued property for investment purposes.
While it is true that new-home sales are way down in 2018, it’s important to note that last year was a record high for transactions; a return to a more normalized market was expected. The market isn’t crashing. However, a good realtor might help you score some free upgrades to get the deal done.
Educate yourself on what is happening in the market, in addition to leaning on experts and your local realtor. With such combined knowledge, you’re sure to be well informed.
And if you’re looking for a good realtor with experience, I can certainly recommend a few!