A mortgage rep we work with sent me this article from USA Today about the Detroit real estate market. Personally, I don't know where they are getting their data. Maybe they are only talking about the city of Detroit.
We work in the suburbs, and while we are seeing increased inventory, actual sales in my market are up over 2005. This is not getting reported. Frankly, Dmitry and I have never been busier than the last 3 months! Homes are selling and the MLS stats show this. Its not all gloom and doom in metro Detroit.
And another thing, there are 6 homes on the market over $8.5 million, though this article lists the most expensive home at that price. Where did they get their information? The most expensive home in our MLS is listed at $20,000,000.
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I too see we`re busy. For a HOT AUGUST thats rare!I don`t trust the media...
Unfortunately, the buyers are getting the media's message. Makes things challenging!
Have you ever tried contacting the reporter who wrote the article? Maybe becoming a trusted resource you could impact what is being reported.
Sometimes that is much easier to do than one would think.
Good point Kristal. I hadn't thought of that.
As I have said in several previous blogs - The media is looking to selll media and they tend to take whatever makes their point and show it as the whole truth.
Our newspaper has been running a series on housing prices here that has amazed me at how inaccurate most of the data us. One story had a picture of a home from a million dollar subdivision with the caption that homes in this development can run "upwards of $250,000". For $250,000 I think I'd buy the entire development!
You could also position yourself to be the expert and make sure that this person gets a correct market update from you on a regular basis. If they are going to do another article you would be glad to help collect the stats for them. Doing this propelled another agent I know to the point now that he is the go to source for the local news!
Metro Detroit sales are down. Your city may be up. Overall it is down.
My city is up and I've seen realcomp figures that show us flat to up year to date in oalkand county for sales.
As I mentioned on The Whitehouse's blog... If you tell a child that thy're stupid, they become stupid. If we want to give our customers confidence we must choose to share TRUTHFUL information. There is thruthfull information out there that's positive about the metro Detroit market.