Nice jab at the NJAR from journalist Kevin Post. I’ve been waiting for someone to call out this propaganda in a public forum. You want to know who has the “Real Story”? We do, right here, on this blog.
From the Press of Atlantic City:
The New Jersey Association of Realtors about a year ago started offering online what it calls “the real story on real estate” – as opposed to what the group feels are the overly pessimistic stories about the industry in the media.
On the association’s site www.realstorynj.com, a headline cheerfully asserts that “New Jersey continues to offer tremendous opportunities for buyers and sellers.” A happy buyer says, “It’s an investment,” oblivious to the consensus among economists that thinking of houses as investments instead of places to live is a big part of what got us into this severe recession.
The association and many Realtors believe that if people were given a more upbeat view of real estate, they would be more likely to buy houses and get the economy growing again. Agents call me and strongly urge me to find something positive to say about real estate.
Unfortunately, anyone who bought a house a year ago based on such optimism almost certainly would have seen its value decline significantly.
That’s why it’s good to focus on sales and price data. But data is a bit cold and doesn’t give a robust view of what’s going on in the market.