I used to listen to the news and take their word for everything. As I am adding years to my career I realize that the news is not always accurate and it usually drives people into frenzy. When there is a news story I receive ten emails a day regarding a piece they heard the night before. The news says “The Market is slow”, I have five people at my next open house telling me how the market is slow because the news says so. The next week the news says the “The Market is picking up”, and I get calls from people interested in selling their house. I know stats don’t lie but the general public needs to understand that Real Estate is very local in nature. One street might be hot while is not. One type of house might have a booming market and the next might be really slow. People might be lining up for new build condos while apartments are stagnant.
I see a report every week on the news with some money analyst from a bank speaking about how high rates are going up and how it affects the market, then I will see a picture of Real Estate “For Sale” signs while they speak, then they will say something else to drive people into a frenzy for the next two weeks. If you talk to your bank or mortgage broker you’ll realize that the rates only went up a little bit which is not that big at all. Some of the banks even reduced their rates, meanwhile I saw a news report saying that same night the banks raised their rates. I was really confused that night.
Here’s one that will get the news going with crazy stories nightly:
The next topic which you will see coming down the wire is a tentative deal with CREA and the Competition Bureau. It has been years in the making but it is going to change the way Real Estate is sold and it will also not change anything. In my opinion there are many selling models in every business. There are full service car washes, and there are do it yourself car washes. The U.S. has had full service and a la carte services for years. From now on if everything goes through in the next few months, you will be able to choose what services you would like. People looking for agents who just post their house online & sign some documents are already here; I’m sorry to burst the news’ bubble. The customer just negotiates their commission to a very low rate or flat rate. It’s already here, it’s just not a cookie cutter package as we will see moving forward.
Personally I think it will give the Realtors a chance to justify what sellers are paying for. You want this and that and here is the cost. If you want nothing here is the cost. If you want a package here is the cost. It will be crazy for a while and there will be a lot of companies which come out of the shadows but I believe that it gives everybody a chance. Agents that do a lot of work to sell a house will welcome this change, agents that neglect their clients will have to either step it up or move down the ladder because these companies are coming soon and fast!
There will be a lot of stories similar to last year regarding Real Estate and there will be a lot of wrong information flying around. Make sure to get the facts from the sources, either CREA or the Competition Bureau websites. Don’t forget the news programs are here to sell their stories and sensationalize everything. It is how they get you to come back the next day and be a zombie in front of the television while they spew more fear and terror at you! They get you scared to do anything but watch their show. How about all of the time you waste watching their program, think of how much good you can do if you spent an hour doing anything else! Like reading my E-Zines. Have a great weekend!