June 20, 2013
The Truth, the Whole Truth, and Nothing But the Truth???
A simple Google search for "housing market" a few minutes ago yielded the following headlines: "Seven Reasons This Housing Market Recovery Is Genuine", "Five Housing Markets Where You'll Break Even Fast When You Buy", "Housing Market Breaks New Records", "Housing Market Showing Big Improvement", etc. etc. ad nausea, etc.
As a buyer of non-performing loans and REO, I am told CONSTANTLY by sellers that "________'s housing market is SO HOT RIGHT NOW!!!" (fill in the blank with each and every state, city, burg, and hamlet in the country) Yet, they can never tell me why, after a year or more of being on the market, the property never sold. The way they tell it, it doesn't need to be much more than a burned hulk of a former residence and people are knocking down the door (if it even still has a door) to buy it.
Wrong. Dead wrong. The markets seeing recovery are getting all the attention because everyone (politicians especially) want Americans to believe we are seeing REAL economic recovery, and it all starts with the housing market. Yes, there are several cities seeing more demand than supply right now. Often, these are the same cities that saw the most precipitous drops in values when the bubble burst five or six years ago.
Rural America isn't buying the hype. I have heard the same refrain from small-town Realtors for years: "You'll have to find someone that wants to live here in order to ever sell this house." And we all know what kind of mass exodus we're seeing from the big cities to the small towns. (yes, I'm being facetious)
Truth is, many of the larger cities, especially ones not seen as desirable places to live, are still seeing declining markets. So there are a LOT of places not seeing any appreciation, yet anyone with anything to sell is trying to convince me otherwise because of the most recent article posted to CNN online.
Look, I wish it was true. I own many properties in 'rural America'. They aren't selling. Nobody's even looking at them. And it's not because we have the price too high. Over and over again, my Realtors tell me it's not a price problem...it's a demand problem (or lack thereof). In essence, it really doesn't matter how much we ask for the property - there simply isn't anyone who wants it at any price. I should clarify we're OK holding these properties until the right buyer comes along. Heck, we've owned some of them for several years. But to hear the media talk about it, we should be beating buyers back with the 'for sale' signs.
So...if you are convinced I'm wrong and mainstream media is right, and that you can't lose by buying anything and everything listed for sale right now, give me a call: I will sell you our whole kit and kaboodle. I'll even give you a bulk discount if you buy our entire portfolio of properties.
Phone lines are open...call now!
Make it a great day.
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